The Cost of Waiting: How Delaying Your Home Purchase Can Cost You Thousands
Many potential buyers are asking: Should I wait to buy, or should I act now?
While waiting might feel like a safer move, experts agree: The longer you wait, the more you may end up paying.
Virginia home prices are expected to rise by 3.4% in 2025—and some cities, like Alexandria, could see values increase by nearly 10%.
If you’re planning to buy a home in Hampton Roads, Virginia Beach, or Chesapeake, now might be the best time.
Take This Scenario: The Cost of Waiting Just One Year
Imagine you’re looking at a $400,000 home today but decide to wait until next year.
- Scenario 1 – You Buy Now:
- Purchase price: $400,000
- Fixed monthly payment at today’s rates: $2,500 per month
- In 5 years, your home is worth $435,000 (assuming an average 3.4% increase per year).
- Scenario 2 – You Wait 1 Year:
- The same home now costs $413,600 due to the 3.4% price increase.
- If mortgage rates rise, your monthly payment could jump by $200–$300.
- Over the life of a 30-year loan, you could end up paying tens of thousands more.
Bottom line? Waiting even one year could mean paying more for the same home while missing out on appreciation.
Why Buying Now Makes Financial Sense
- You Secure Today’s Prices – Lock in a lower price before home values increase.
- You Avoid Higher Mortgage Costs – If interest rates rise, waiting could cost you hundreds per month.
- You Benefit from Long-Term Growth – Homeownership builds wealth over time.
Expert Advice: What Top Real Estate Professionals Are Saying
“Real estate remains one of the strongest investments. Buyers who act now will benefit from appreciation rather than chasing rising prices later.” – Virginia REALTORS®
“Even with economic fluctuations, home values have historically trended upwards. Delaying a purchase could mean missing out on years of equity growth.” – National Association of Realtors
If you’re on the fence about buying, consider this: The sooner you buy, the sooner your home starts working for you.
Q&A: Answering Your Top Concerns
- “What if the market crashes?”
- The real estate market has natural ups and downs, but long-term data shows that home prices tend to recover and appreciate over time.
- “Should I wait for lower interest rates?”
- Interest rates are unpredictable. If they drop in the future, you can refinance—but if they rise, waiting could make buying even harder.
- “Is now really a good time to buy?”
- If you’re financially ready, yes! The sooner you buy, the sooner you start building equity and taking advantage of price appreciation.
Ready to start your home search? Atlantic Sotheby’s International Realty is here to guide you. Let’s find your perfect home before prices go up!