There are quite a few different pros and cons that come from waiting out the hot housing market. There is a bunch of pressure on people who are trying to buy homes right now as the supply is continuing to dwindle. However, you can’t let the fear of missing out be the driving force for you buying your home. You need to also realize that the fed just raised interest rates so your mortgage will cost more than it would have last year.
- The housing market is starting to lower a bit as the average home price in January 2022 was $350,300.
- The rebound isn’t expected to be as dramatic as once was predicted as sales have dropped 40% since the pandemic.
- There is a bunch of pressure on people to buy their home as the supply continues to dwindle down.
“And the inventory of unsold homes at the end of December 2021 dropped to an all-time low of 860,000.”