What can waiting to buy or sell cost you?

There are many great St. Cloud area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (320) 240-3363 for a FREE home buying or selling consultation to answer any of your real estate questions.

Is it better to wait until you save a large down payment before buying? If you are selling, should you wait for the value of your home to go up before you put it on the market?

As a general rule, it's better to move soon than to wait. If you are trying to save up for a larger down payment, your monthly payment will only change by about $5 a month for every thousand dollars you save in today's market. If you wait to save up more money and interest rates rise, as they're expected to, your monthly payments could increase by hundreds of dollars.

If you are waiting for your home to go up in value, you may not have much luck either. Let's say you are selling for $150,000 in today's market, and looking to buy another home at $300,000. If both homes appreciate by 1%, your current home's value increases by $1,500, while the new home you plan to buy increases by $3,000. In this case, your new home's value has gone up more than you were able to save by waiting for your current home to appreciate.

As you can see, there aren't any upsides if you wait to buy or sell. If you have any questions about conditions in your specific area, or need assistance taking advantage of these ideal conditions, give us a call. We look forward to hearing from you soon!