Buying a home now beat waiting in 61% of scenarios, AD Mortgage study finds

17 hours ago 3

Homebuyers who waited two years to purchase a home ended up with a better financial outcome in less than 40% of historical scenarios, according to a recent study from AD Mortgage. The study, “Does the Perfect Time to Buy Exist?” examined homebuying conditions across all 50 states and the District of Columbia from 2000 through 2022, comparing the financial outcome of purchasing a home in a given year with waiting two years to buy under the market conditions that actually occurred. Buying immediately resulted in a lower total purchase and financing cost in 61% of the scenarios analyzed, the study found. The analysis considered home prices, 30-year fixed mortgage rates and household incomes, along with the ability to accumulate additional savings during the two-year waiting period. “After 30 years in the mortgage industry, my advice to home buyers is not to wait if the deal makes sense to you,” Max Slyusarchuk, CEO of AD Mortgage, said in a statement. “Trying to predict the market is not a guarantee as this study proves.” The study assumed buyers put 15% down and calculated monthly mortgage payments using the average annual 30-year fixed mortgage rate. For the wait scenario, buyers we...

Read Entire Article