Is it Wise to Postpone Home Purchase Until 2024?

Choosing to purchase a home is a personal decision that is important, regardless of market conditions. It is essential to have a strong financial standing before making this significant investment, as a home is often the most substantial one in a person's life.

To estimate monthly housing expenses based on the down payment, a mortgage calculator can be used. However, predicting the market a year in advance is not advised, as it is notoriously challenging to time the housing market.

Orphe Divounguy, a senior macroeconomist at Zillow Home Loans, states that the housing market is nearly impossible to time. The best time for potential buyers is when they find a suitable home that meets their current and future needs while also fitting within their budget.

Experts such as Gumbinger acknowledge that advising prospective homeowners to wait for better market conditions can be difficult. This is because home prices often continue to rise, making it hard to set a down payment accumulation target. Additionally, there is no guarantee that future conditions will be better than the current ones.

Divounguy emphasizes the importance of "getting on the housing ladder" to begin building equity and net worth. Therefore, waiting may not be the most beneficial strategy.