Should we wait to build?
All current market conditions point to the indication that prices will continue to rise until at least 2022. We don’t know for sure what the pricing situation will be in the next few months or even years, but what we DO know is that interest rates continue to be at all-time lows, which can increase buying power at this time and help to make up for the increase in cost.
Natalie Campisi from Forbes put it this way, “The hazard of waiting on the sidelines for prices to drop is that you wait too long and end up paying higher interest rates and higher building costs. Nobody can accurately predict what might happen a year or two from now. There could be a surge of new homes entering the market as the forbearance program comes to an end and buyers are forced to sell, or the surge may never come in the near future.” She adds, “Instead, prudent buyers should consider their budget and whether they plan on staying in the home long enough to build up equity to turn a profit at resale.”
No one at team True North will rush your decision. We want to work with you when you feel ready and at your pace. But if you’re feeling inclined to wait because of the market pricing alone, as mentioned above, it may hurt your situation, not help it.