All Things Real Estate: Buy now or wait for prices to fall? – Business

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This is a question that more and more people have been asking me and for most situations the answer is it all depends on your specific and particular financial, life or family situation. But for some, the answer might be emphatically and a resounding “NO.”

The No. 1 reason is that there is a correlation between the prices you will pay for a property and the interest on your mortgage at the time you will be purchasing. However, this will be determined by your monthly PITI (principle, interest, taxes and insurance) costs, not including any sudden repairs or emergency situations.

Because our housing inventory and interest rates are at 50-year lows and demand is at a 50-year high, prices have escalated with rates not ever experienced by the purchasing consumer. Although some are still seeking homes to buy, there is a segment who have dropped out due
to price increases that have pushed and forced them out of the qualifying range…

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