You have 2 choices. DO or DO NOT.
But you should TRY.
Say you DO go ahead and buy real estate right now.
There are three reasons this could work out in your favor:
- Prices are negotiable right now because we have less demand.
- The price you pay today remains the price. The monthly mortgage payment changes based on interest rates and principal owing. You can stay locked in on a rate or choose a shorter term higher rate in the hopes of moving into a lower rate later.
- Buying at a lower point in the market means you are better positioned to gain equity. This equity will give you a chance to buy something that better fits exactly what you want later. A step in the right direction leads to another step in the right direction.
Now say you DO NOT.
Here are three reasons it could work against you:
- When interest rates go down there'll be more people willing and able to buy. You'll get to compete with them.
- Paying a higher price later means you miss out on equity building that buying low makes possible.
- If you can't afford what you want today, what are the chances that when prices rise, you'll be able to afford it then?
So there you have it - DO or DO NOT. But if you Don’t, you probably Won’t.