Why Now Might Be the Right Time to Buy a Home

You’ve likely heard the saying, “The best time to buy a home was yesterday—the next best time is today.” It may sound cliché, but there’s some truth to it.

Home values have continued to climb across the country, and with mortgage rates remaining on the higher side, it’s understandable if you’re thinking about waiting for the market to cool down or for interest rates to dip.

But even with today’s challenges, there are still some good reasons why buying a home now could be smart. Let’s take a closer look.

Is Now a Good Time to Buy a House?

If you’re financially ready and planning to stay in your next home for the long haul, then yes—it could be a great time to buy. Property prices are expected to rise steadily into 2025, which means buying now might be more affordable than waiting. In some areas, it’s even turning into a buyer’s market, with more homes on the market giving you better room to negotiate.

That said, there are a few headwinds to consider. While UK inflation has cooled, the cost of living ticked up again this April. On a global scale, economic uncertainty—especially with shifts in U.S. leadership—has shaken investor confidence. Big decisions like buying a home often rely on a sense of stability, which many feel is currently lacking.

But it’s not all doom and gloom. Mortgage lenders in the UK have been quietly lowering rates, and some are even easing their affordability checks, meaning more people could qualify for loans. If this trend continues, it might get easier (and cheaper) to borrow in the months ahead.

In the end, whether it’s the right time to buy comes down to your financial situation and plans. Keep reading for a deeper look at what’s driving the current market—and what to watch for next.

10 Signs It Might Be the Right Time to Buy a Home

1. You’re Ready to Start Building Equity

Every rent payment is money that’s gone for good. When you buy a home, your monthly payments start working for you by building equity—essentially growing your wealth. Even if today’s mortgage rates feel steep, that long-term payoff can be worth it.

2. You Can Refinance Down the Road

Worried about locking in a high rate? The good news is, you don’t have to be stuck with it forever. If rates drop in the future, you can refinance and lower your monthly payments. Getting into the market now means you won’t miss out on rising home values while you wait.

3. Interest Rates Might Not Fall Anytime Soon

It’s tempting to hold off and hope for better rates, but they’re hard to predict. Some experts say rates could stay where they are, or even go higher, into 2025. If you wait too long, you might end up paying more, not less.

4. Home Prices Are Still Climbing

Despite market ups and downs, house prices generally trend upward over time. So if you're waiting for a major dip, you might end up paying more later for the same property. Buying now could save you money in the long run, even if rates aren’t ideal. If you’re currently looking for houses for sale in Inner West Sydney, Pilcher Residential can help you out! 

5. You Want Stability in a Time of Uncertainty

Renting can be unpredictable—sudden price hikes, unexpected moves, and lease terms you can’t control. Buying a home gives you more stability. With a fixed-rate mortgage, your monthly payments stay consistent, which can make budgeting and long-term planning a lot easier.

6. Trying to Time the Market Rarely Works

Even seasoned investors struggle to predict the perfect moment to buy. Instead of chasing ideal market conditions, focus on your own financial readiness and whether a home meets your needs. A good loan officer can help you assess your situation, figure out what you can afford, and guide you through your options with your best interests in mind.

7. Homeownership Comes with Tax Perks

Buying a home doesn’t just give you a place to call your own—it can also come with tax advantages. You may be able to deduct mortgage interest and property taxes, which can help soften the impact of today’s higher rates when tax season rolls around.

8. Buying Might Still Be Cheaper Than Renting

Depending on where you live, owning a home might be more affordable than renting, especially as rents continue to rise. Rent vs. buy calculators can help you crunch the numbers, but don’t forget to think long-term. What seems like a higher cost now could save you money down the line.

9. Waiting Could Cost You More

There’s always a risk in waiting. If both interest rates and home prices go up, you could end up paying much more, or miss out on buying altogether. Sometimes, taking action sooner can save you from bigger costs later.

10. There Are Still Opportunities in Today’s Market

Even though housing inventory is tight, fewer buyers might mean less competition. That could give you the upper hand when it comes to negotiating price, closing costs, or other terms. If you’re ready to buy, this quieter market might work in your favour.

Why Aren’t Home Prices Coming Down? It All Comes Down to Supply and Demand

You might’ve noticed more “For Sale” signs popping up lately, and it’s true—there are more homes on the market now compared to this time last year or even last month. But here’s the catch: it’s still not enough to meet the number of buyers out there looking to make a move.

That imbalance between supply and demand is what continues to push home prices upward. As Redfin puts it:

“Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand.”

Of course, the real estate market isn’t one-size-fits-all. Some areas may see prices level off or grow more slowly, but a major national price drop? That’s not something most experts see on the horizon.

The Bottom Line

There’s no denying that the current housing market comes with its fair share of challenges. But whether or not it’s the right time to buy depends less on the market and more on you—your financial readiness, your long-term plans, and the kind of home you’re looking for.

Waiting might seem like the safer bet, but it could end up costing more if prices and interest rates keep climbing. Buying now gives you the chance to start building equity, enjoy potential tax benefits, and lock in a home that suits your needs.

At the end of the day, a home is more than an investment—it’s where your life happens. If you’re ready, it just might be the right time to take that step.