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With mortgage rates rising, low inventory, and intense buyer competition, you may be wondering if it makes sense to wait and see if the market shifts in your favor before buying.

It certainly hasn’t been fun or ideal for buyers, so if there’s a chance you could have more houses to choose from at a better price, who could fault you for wanting to wait?

The problem is, there’s no crystal ball you can look into and see if and when the market will change, and in what way, so the only thing you can truly do is weigh the pros and cons of waiting. So let’s look take a look at both sides of the coin for 3 things you might be thinking about to help you decide:

Interest rates are getting high

Interest rates are certainly higher than they’ve been in years. That’s causing your monthly payment on a house (which you could’ve bought for the same price a few weeks ago) to be higher — or worse, even causing you to have to look at houses in a lower price range.

Pro for waiting: If you wait, interest rates may come back down.

Con for waiting: On the other hand, they may just continue to go up further.

Keep in mind interest rates are still at historically low levels. If rates go back down substantially, you can always refinance at some point.

Home prices may come down

There’s buzz (and maybe even some hope) that we might see a crash or bubble burst, much like we did back in 2006, causing prices to come down and allowing you to get a better deal on a house.

Pro for waiting: If the market crashes and you’re in good financial shape to buy a house in those market conditions, then you could get yourself a house for a better price than you could right now.

Con for waiting: According to this Time article, and many other sources, the current market differs considerably from the ‘06 market, and a crash isn’t as likely. Prices may just level off, or go down slightly, but the increase in interest rates may end up costing you more.

While the real estate market always fluctuates, and home prices will at some point take a dip, it’s hard to say how much of a dip or when they’ll bottom out. It’s an age-old gamble every buyer wrestles with no matter when they’re buying.

Buyer competition may cool down

There’s been some hints that buyers are “cooling off” due to the intense competition, low inventory, and rising rates. If that’s the case, then it stands to argue that waiting a while may lead to even more buyers taking a step back.

Pro for waiting: If enough buyers leave the market, it could cause prices to go down due to lower demand and competition. It could also give you a chance at buying a house without getting into a bidding war.

Con for waiting: There’s been so much demand for the amount of houses for sale, and there’s not a lot of projections that listing inventory is going to increase. So it will likely take a lot of buyers taking a break for there to be a significant change in the market.

Another way of thinking about it is that if you’re “waiting”, you’re essentially part of the group of buyers who are stepping back, so you aren’t even in the mix to buy a house if things do change.

The Takeaway:

There’s no clear cut answer for whether or not it makes sense for you to wait for the market to shift in your favor. For every reason to wait, there’s as much of a reason not to wait. So go by how you feel when weighing the above pros and cons. Which one worries you more? That’s a good sign as to what you should do.

But since real estate markets vary on a local level, you should also chat with your local real estate agent to get a sense of where the market is heading in your area. And if you share your thoughts and concerns with them, he or she can also be a great sounding board and help you weigh the pros and cons for your personal situation. The team at Destination Real Estate in Mammoth Lakes is here to help.

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Beautiful sunset tonight.

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Sonja was very knowledgeable and competent in selling our house in Mammoth. She is very personable and answered all of our numerous questions with courtesy, humor, and patience. Despite a greatly slowed real estate market, she sold our house in a reasonable time frame. - Stuart F.

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#nofilter Sunday evening neighborhood stroll. ❤️reflections, water, blue skies and fluffy clouds ☁️ #lovewherewelive ...

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Beautiful day at the village. I love the clouds and like to look for shapes or object -- what do you see?

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Amazing two-bedroom condo next door to Canyon Lodge! Ski all season long in this cozy mountain home!

Properties Link Below:
https://www.destinationmammoth.com/properties/

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Hope everyone is having an amazing time at the Mammoth Trail Fest! If you haven't already make sure to check out this awesome event the rest of the weekend!

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Beautifully updated two-bedroom slope side condo just listed for sale. Check it out!

Link in Bio...

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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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SNEAK PEAK! This two-bedroom condo next door to Canyon Lodge will be listed for sale in the next 24 hours!

Check out an early video tour now on our YouTube!

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I love working with awesome realtors like Heidi Vetter! How thoughtful is this?!” @vetter_heidi ...

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If your agent isn't available, don't call a random agent to show you a house you're interested in seeing if you plan on having your agent write an offer if you like the house. Agents don't get paid for simply showing houses, so it's inconsiderate to ask an agent to show you a house they have no chance of selling to you.

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The Mountain & Adventure Film Festival is entering its 9th year, this 3 day, free festival celebrates the best adventure films and athletes of the year. Films are shared nightly, outdoors, in the Mammoth Mountaineering Supply parking lot. Runs Thursday September 22nd - the 24th!

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The Destination Real Estate team will definitely volunteer for the cause.

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You know, I hear there are a lot of trees in Mammoth Lakes... hmmmm...

In a study published in July 2015, a team of psychologists concluded that "having 10 more trees in a city block, on average, improves health perception in ways comparable to an increase in annual personal income of $10,000 and being 7 years younger."

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