First-Time Homebuyer? Should You Buy Now or Wait?

Buying your first home is a huge milestone, but if you’ve been watching the market, you might be wondering: Should I buy now or wait? With home prices, mortgage rates, and competition fluctuating, it’s an important question—and the answer isn’t one-size-fits-all.

Let’s break it down so you can make the best decision for YOU.

1. What’s Happening in the PNW Housing Market Right Now?

The Pacific Northwest has seen steady home price growth over the years, and Snohomish County is no exception. As of early 2025:

• Home prices are rising—The median home price in Snohomish County is $748,752 and climbing. Waiting could mean paying even more for the same home next year.
• Mortgage rates have stabilized—We saw a spike in rates last year, but they’re now hovering around 6-7%. If rates drop in the future, buyers can always refinance—but locking in a price now could save you money long-term.
• Competition is heating up—More buyers are entering the market as rates settle, meaning more bidding wars and fewer options if you wait too long.

2. The Case for Buying Now

If you’re financially ready, now is a great time to buy—here’s why:

🏡 You Start Building Equity Sooner

Example: Let’s say you buy a home today for $500,000. If home values appreciate at 5% per year, that home could be worth $525,000 in just one year—equity you wouldn’t have if you waited!

🏡 You Can Refinance If Rates Drop

Interest rates may feel high now, but they’re expected to decrease in the next couple of years. If you lock in a home now, you can always refinance later to lower your payment—but if you wait, home prices could be higher, negating any rate savings.

🏡 You Avoid Rising Home Prices

Example: If home prices in the PNW continue increasing by 4-6% per year, a home that’s $600,000 today could be $636,000 next year. That’s $36,000 extra you’ll need to save, not to mention a higher down payment and loan amount!

3. The Case for Waiting

Of course, waiting makes sense in some situations. You might want to hold off if:

• You need more time to save for a down payment, closing costs, or emergency fund.
• Your credit score needs work to qualify for a better mortgage rate.
• You’re unsure about job stability or future income changes.
• You’re waiting for a specific home feature (e.g., new construction or a certain neighborhood).

4. How to Decide: Buy Now or Wait?

Here’s a simple YES or NO checklist:

✅ Do you have a stable income and savings for a down payment?
✅ Can you comfortably afford your monthly payment?
✅ Are you tired of renting and ready to start building equity?
✅ Are you planning to stay in the home for at least 3-5 years?

👉 If you answered YES to most of these, buying now could be your best move!

🚫 If you answered NO to several, waiting might be the smarter option—but use this time to get financially ready.

Final Thoughts

There’s no perfect time to buy a home—only the right time for YOU. If you’re financially ready, waiting could cost you more in the long run. But if you need more time, use it wisely to improve your credit, save more, and research the market.

Whether you buy now or later, I’m here to help! Let’s chat about your options and get you on the path to homeownership in the PNW. 🌲🏡