5 Reasons Why You Might Want To Hold Off Buying A Home In the Next Two Years

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5 Reasons Why You Might Want To Hold Off Buying A Home In the Next Two Years

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Buying a home is a major decision — one not to be rushed. While there may never be a perfect time to buy, doing so in the next two years could be a mistake for some people.

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It’s one thing to browse real estate listings online, but actually taking the next steps is another story. Before putting in offers, take a look at the following five reasons to consider

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“The market will be somewhat improved, interest rates may be lower but they won’t drop that substantially to make a big difference,” said Dottie Herman, vice chair and former CEO of

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. “If there’s one thing I’ve learned over the years, it’s that you can never time the housing market so, in most cases, my recommendation would be that waiting won’t make much of a difference for the average buyer.”

Mortgage rates are generally on the decline, but as she said, it’s not substantial. For example, as of Dec. 5, 2024, the average 30-year fixed-rate mortgage was 6.69%, compared with 7.03% on Dec. 7, 2023, and 6.33% on Dec. 8, 2022

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“The largest segment of potential homebuyers in the country are millennials and this demographic strongly believes in ‘The American Dream’ of home ownership,” Herman said. “If they’ve managed to save money and need another two years to have enough for a very nice house then, of course, you wait.”

As of the third quarter of 2024, the median sales price of houses in the U.S. was $420,400, according to the

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“Millennials are also ascending toward the sweet spot in their careers so after a promotion or two, in about two years, they’ll be ready to buy,” she said.

Buying a home is a huge investment — one you probably don’t want to make unless you plan to put down lasting roots.

“[If] you feel you are a candidate to relocate or move from a home you are purchasing, a slow market with longer days on market, with closing costs and Realtor fees is a great reason to hold off,” said Jeff Lichtenstein, CEO and broker at

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, based in Palm Beach Gardens, Florida.

No job is guaranteed, but if your future is especially shaky right now, it’s probably not the time to make a huge investment — i.e., buying a home.

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“If you are in an industry where a job loss is possible or if there is only one employer where you live, buying can [be] difficult, because you become a ‘must’ seller if you need to sell to cash out,” Lichtenstein said.

Job loss is tough, but becomes even more detrimental if you’re forced to sell your home at a loss or enter into foreclosure.

The real estate market isn’t the same throughout the U.S. If circumstances in your local area aren’t currently ideal for buying, Lichtenstein said it can be best to sit tight.

“In Florida, we had special assessments on condos because of the Surfside incident,” he said.

He said many older condo buildings that hadn’t been assessed are now undergoing mandatory inspections to ensure public safety. Consequently, he said inventory in this category has risen, with deals offered in certain buildings.

Despite that, he said all sellers aren’t currently offering major price drops, but that could change in a couple of years.

A number of factors — i.e., lack of inventory, natural disasters, economic issues, etc. — could make your local market a tough buy right now. However, this won’t last forever, so playing the waiting game could pay off in the form of a better deal on a home.

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