There are several decision factors to consider.
If you’re expecting to live at your next residence for less than 3-5 years, it’s usually advisable not to buy because of the time it takes to build equity enough to at least break even after the cost of selling, especially if buying with a mortgage.
Even when mortgage interest rates are near historical lows, trying to time the rates isn’t advisable. With mortgage rate float down options available to capitalize on short-term rate decreases, the best time to buy is when you’re ready and will benefit from owning your own home.
If you’re unable to qualify for mortgage financing but need to get into a home, you could rent a house or we can pursue an alternative purchase method, like loan assumption, lease purchase, option, or another alternative.