In the topsy-turvy housing market of the past few years, many homebuyers might be tempted to “time the market,” where they try to purchase property right when prices dip rather than peak so they don’t end up overpaying for a house.
Real estate agents across the country describe situations where buyers decide to wait because they assume prices (or mortgage rates) can only go down from where they are. The results, however, are rarely in their favor.
On the flip side, agents also relay stories of homebuyers who do the opposite, where they rush to buy a home that isn’t ideal because they assume prices (or mortgage rates) will continue to surge.
Experts caution against both.
It is not a good idea to try to time the market. No one has a perfect view into the future. Whether you think rates or prices are going up or going down, the world may not evolve the way you expect it to. We all have to make decisions with that uncertainty.
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We’re re-sharing this helpful info from a realtor.com article by Andrea Riquier.