I agree with those who state, â€œIt depends upon your goals.â€
â€¢ If you are moving up, then buy now before the margin for your move-up home grows even larger. As the market continues to go up, the price gap between your existing home and the new one will grow larger and larger. The longer you wait, the more money you will need to bring to the table.
â€¢ If you are moving down and own an existing home, then you canâ€™t afford to wait until the market softens because it will suddenly be much harder to sell your existing home.
â€¢ If you are renting, there are a number of reasons to get in now:
(1) Rents are going up everywhere.
(2) You arenâ€™t getting the tax benefits that our government provides to those who own their own homes.
(3) With current prices increasing, you may well get priced out of the market.
None of us here know how long the current market will continue to be on fire, but when it turns, it will do so â€“ quite literally â€“ in a single day. Then you will be facing another predicament â€“ trying to figure out when to get in as the market decreases.
Timing the market is virtually impossible â€“ the goal of owning a home is to have a roof over your head and affordable payments. Although itâ€™s always fun when a home increases in value, that should never be the reason you buy â€“ there are far more important reasons. In reality, if you find a home you like and you can afford it, then the time to buy it â€¦ is when itâ€™s available to buy.
Here is a post that may be helpful:
How Good Is YOUR Timing? 3 Important Reasons NOT to Time the Market