Why Waiting to Buy a Home Could Cost You More

May 29, 2025 • Insights

Thinking about buying a house but wondering if now is the right time? Maybe you’re hoping mortgage rates will drop or home prices will take a dive. Well, friend, let’s talk about why “waiting it out” could actually cost you more—and what the latest Raleigh stats are telling us.

The Local Reality Check

• 🏠 Home prices in Raleigh are rising, with the median sale price at $458,440, a +6.1% increase year-over-year. Meanwhile, Wake County and the broader MLS saw small dips, but Raleigh’s market is showing resilience.

• 📊 Inventory has improved, with Raleigh’s months supply of homes for sale up +55.6%, giving buyers more options than last year.

• 💸 Mortgage rates? Still hovering around 6.9%, and while they may wiggle a bit, big drops aren’t expected anytime soon.

Why Waiting Might Backfire

Sure, it’s tempting to wait for “the perfect time” to buy, but here’s the thing:

• Waiting for mortgage rates to drop might mean paying a higher price for the same home.
• Holding off could mean fewer homes to choose from as inventory gets snapped up.
• Rates aren’t going to crash, so that dream rate you’re waiting for might stay a dream.

Let’s Talk Numbers

Here’s how a little change can make a big difference:

• 📈 If mortgage rates rise by just 1% (say from 6.9% to 7.9%) on a $400,000 loan, your monthly payment could jump by around $250–$300/month—that’s $3,000–$3,600 more per year!

• 💰 If home prices increase by just $10,000, that adds about $60–$70/month to your mortgage payment—or $720–$840/year.

That’s real money you could spend on furniture, renovations, or your next vacation.

The Takeaway

Waiting to buy a home might feel safe, but the numbers tell a different story:

• Prices in Raleigh are still climbing.
• Inventory’s better, but it won’t last forever.
• Rates are steady but not likely to drop much.

If you’re ready and able, the smart move is to act now and lock in your rate before you’re priced out or competing for fewer homes.

👉  Ready to make a move? Let’s chat.