Today Franciso Uriostegui asks whether he should buy a home now or wait longer and keep saving. We had this conversation a while ago, and Josh had a pretty profound statement: You cannot save as fast home values go up.
Let's say you have $80,000 because you've been saving $20,000 a year. If you're looking at a $500,000 house that will appreciate 5% next year, it will cost $25,000 more. Waiting will just put you further behind.
If you were to buy that house today, not only do you have that $25,000, but you also have the money you paid down on it. The only person who could wait is the proverbial person with a crystal ball who can tell if home values are going to drop.
If you have any questions about buying now vs. waiting, feel free to call or email us. We would love to hear from you.Verify my mortgage eligibility (Jan 21st, 2022)