3 Reasons Why You Shouldn’t Wait for Home Prices To Drop

By Jason Penrose

Jason has been licensed since 1999, and is currently one of the top 20 agents in Arizona for homes sold.

Is it better to wait for prices to drop before buying a home or property? I understand why this might seem like a sensible approach with the recent drop in interest rates. This has encouraged more sellers to list their homes, providing buyers with more options to consider. But is waiting for price drops really a wise move? My quick and honest answer is no. Let me explain why:

Home prices are projected to increase. Real estate professionals predict a 3% to 5% increase in home prices in 2025. Waiting for prices to drop could mean missing out on a better price deal now.

Homes are selling faster. As more sellers are listing their homes, more buyers are also entering the market. This means homes are selling faster than before. If you wait, you may miss out on the best available properties that match your needs perfectly.

Renting doesn’t build equity. Many people are realizing that long-term renting while waiting for prices to drop doesn’t help build equity. On the other hand, buying a home now allows you to start investing in your future.

My expert advice is if you’re in a position to purchase now, then take this chance to lock in the current rates. Even if rates drop again in the future, refinancing will give you the opportunity to lower your payments. Relying on home prices decreasing is also a risky bet because the market is unpredictable.

Making big, life-changing decisions can be intimidating, but don’t worry because I am just a call away if you need help. Reach out to me anytime at (602) 738-9943.