Shopping for a home isn’t like shopping for a TV. Waiting often produces some sort of sale where you can save a nice chunk of change. This isn’t necessarily the case when shopping for a home.
According to Keeping Current Matters, putting off the purchase of a new home in the current market could prove to be costly. A recent survey of real estate experts, economists and financial strategists found that the majority of responders expect both home prices and mortgage interest rates to increase over the next year.
A first-time home buyer looking for a $250K home can expect to pay approximately $145 more per month if they delay their purchase by a year. A move-up buyer looking for a $500K home can expect to pay an additional $291 per month.