Should I Buy a House Now or Wait? 10 Questions to Ask Yourself
Many buyers wonder: should I buy a house now or wait for better timing? We’ll analyze current realities and 2025 projections so you can make the best decision.
Should I buy a house now or wait? That is the question on many homebuyers’ minds in this fluctuating market. But the answer isn’t as clear cut as “now” or “later.” As we’ll see, both the economy and local trends come into play, as well as your personal finances and job prospects. There’s a lot to consider, and the decision may seem overwhelming.
By examining the current market and talking to experts, we’ll help you think through the timing of your home purchase in the 2025 real estate landscape, both generally and personally.
Step one: Find an agent!
Thinking about buying a home in 2023? Connect with a top real estate agent for their expert opinion and to get the ball rolling.
Editor’s note: As a friendly reminder, this blog post is meant to be used for educational purposes, not financial advice. If you need assistance navigating the question, “Should I buy a house now or wait?” HomeLight always encourages you to reach out to your own advisor.
The market outlook: Is now a good time to buy generally?
Since the 2020 pandemic, the real estate market has predominantly been a seller’s market. To stimulate the economy during the health crisis, the Federal Reserve slashed interest rates, causing mortgage rates to drop to historically low levels. In fact, by January 2021, rates reached a record-low 2.65%, which fueled buyer demand as many rushed to secure low-cost loans.
However, by 2023, the market began shifting toward a more buyer-friendly environment. For example, by the end of the year, only 50% of real estate agents surveyed considered it a seller’s market — down from 72% in HomeLight’s mid-year survey and a sharp decline from 98% at the start of 2022.
In November 2024, during HomeLight’s End of Year Top Agent’s Insights Report, only 32% of agents described their market as a seller’s market. Meanwhile, the share of agents who felt they were in a buyer’s market reached 26%, up from 13% at the end of 2023. Most agents (42%) described the market as balanced.
However, in some areas, like the Northeast, 69% of agents categorize their region as a seller’s market, partly due to the inundation of relocation demand from transplants relocating from South Atlantic markets.
Chris Carozza ranks in the top 1% as an agent and brokerage partner in Stamford, Connecticut. He says, “It’s still a very active market. It’s not crazy, where you’d see five to seven offers within a week at $50,000 to $100,000 over asking. But it’s still a very strong market.”
Let’s dive a little deeper into some key components that influence whether or not this is a good time to buy.
