Take advantage of appreciation. Inflation which is one of the contributing factors of rising rents is a primary reason to buy a home. With inflationary pressures a home that you buy now can be worth tens of thousands if not hundreds of thousands of dollars more in a few years.
Monique and her mother Marva purchased a home in January for $360,000. In less than 8 months homes similar to hers were selling for over $400,000. What chance would they have had to save $40,000 to make up that difference in 8 months? Inflation works on your behalf when you own a home.
Additionally, you avoid the risk of being priced out of the market.
Tax benefits. One of the few tax shelters that exists is owning your own home. Thankfully the government incentivizes home ownership by allowing very generous tax deductions. This is money that would never see your pocket - yet by owning a home you can apply hundreds of dollars a month toward your home.
If you could have an extra $300 to $800 per month go toward your housing wouldn't you take it?
Lock in your payment. If you rent over time the price will continue to go up. That isn't the case when owning. Your payments can consist of your mortgage payment, taxes, insurance, at times HOA and sometimes mortgage insurance. The bulk of your payment comes from your mortgage payment and that payment can be fixed for 30 years! You'll never having to worry about rent increasing. The best thing is that if you don't go crazy an use your home as a credit card you will one day pay off your loan. Owning a home with no loan is an easy way to retire without stress or take out a reverse mortgage and have your home pay you while you travel the world.
So does waiting work when buying a home? Usually no. If you are buying an investment timing matters more, but for home ownership you are already paying for someone else to own it and with the advantages of locking in a fixed payment and the tax benefits over time appreciation will fall in your favor as well.
Find a great agent and make it happen. Happy house hunting.