“I’m going to wait another six months.”
I hear that from homebuyers all the time.
Maybe you’re waiting for mortgage rates to come down. Maybe you’re hoping home prices will fall. Or maybe you’re simply waiting for the market to feel more certain.
Those are understandable reasons.
But before you automatically put your home search on hold for another six months, there is one important question you should answer:
What exactly are you waiting for—and what happens if it doesn’t happen?
Waiting can absolutely be the right financial decision. But waiting without running the numbers can also mean overlooking opportunities available in today’s Las Vegas market.
Waiting for Lower Mortgage Rates?
This is probably the biggest reason buyers are delaying their purchase.
The thinking is simple:
“I’ll wait until rates drop, and then I’ll buy.”
But mortgage rates don’t operate on anyone’s schedule.
Six months from now, rates could be lower. They could be similar. They could also be higher.
And even if rates decline, that doesn’t automatically mean you’ll get a better overall deal.
Why?
Because lower rates could bring more buyers back into the market.
That can change your negotiating position.
What If Lower Rates Bring Back the Competition?
Think about how quickly the housing market can change when affordability improves.
Buyers who have spent months waiting may start shopping again.
Suddenly, that home sitting on the market for 45 days could receive multiple offers.
Sellers who are willing to contribute toward closing costs today may become less willing to negotiate.
So you could potentially get a lower mortgage rate six months from now but lose some of the leverage buyers have today.
That’s the part of waiting that doesn’t get discussed enough.
Today’s Seller Credits Can Have Real Value
In a more negotiable market, the asking price is only the beginning of the conversation.
Depending on the property, seller motivation, loan program, and applicable limits, buyers may be able to negotiate concessions toward eligible expenses.
Those credits could potentially help with:
- Closing costs
- Prepaid expenses
- Discount points
- Interest-rate buydowns
- Other allowable costs
Suppose a seller is willing to contribute $15,000.
Should you use that leverage to reduce the price?
Cover eligible closing costs?
Buy down the interest rate?
There isn’t one correct answer.
We need to run the numbers and determine which strategy provides the greatest benefit for your situation.
A Lower Purchase Price Isn’t Always the Best Deal
Buyers naturally want to negotiate the lowest possible price.
But your monthly payment matters too.
A relatively small reduction in purchase price may not dramatically change your monthly principal and interest payment.
Depending on the transaction, using an allowable seller credit toward a permanent rate buydown could potentially have a greater effect on the monthly payment.
Or maybe preserving your cash by having the seller cover eligible closing costs is more valuable.
This is why I believe mortgage strategy and purchase negotiation should happen together.
Don’t wait until after your offer is accepted to start thinking about how seller concessions should be used.
What If Home Prices Drop?
That’s another common reason buyers wait.
Could home prices be lower six months from now?
Absolutely.
But they could also remain relatively stable or move higher in certain neighborhoods and price ranges.
Real estate isn’t one single market.
A luxury high-rise on the Strip can behave differently from a single-family home in Summerlin, Henderson, or another part of the Las Vegas Valley.
Instead of trying to perfectly time the entire housing market, focus on the individual property and transaction.
Is the home priced appropriately?
How long has it been listed?
Has the seller reduced the price?
Are there competing offers?
Is the seller willing to negotiate?
Those questions may be more useful than trying to predict exactly where the entire Las Vegas market will be six months from now.
Don’t Forget What You’re Spending While You Wait
Waiting isn’t always free.
If you’re renting, you may make another six months of rent payments while waiting for the market to change.
That doesn’t automatically mean buying is better. Renting can be the correct decision depending on your circumstances.
But the cost of waiting should still be included in the comparison.
If your rent is $2,500 per month, another six months represents $15,000 in rent payments.
That doesn’t mean you “lost” $15,000 because housing provides value whether you rent or own.
It simply means the decision should be evaluated using real numbers rather than assuming waiting has no financial cost.
What If You Buy Now and Rates Fall Later?
This is where buyers need to be careful.
If mortgage rates decline meaningfully after you purchase, refinancing may become an option.
But refinancing is never guaranteed.
You would still need to meet applicable qualification requirements, and the potential savings would need to justify the costs of refinancing.
So I never recommend buying a home today solely because you expect to refinance later.
The payment should make sense today.
If refinancing becomes beneficial in the future, consider that an additional opportunity—not the foundation of your purchase decision.
There Are Good Reasons to Wait
Sometimes waiting six months is exactly what you should do.
For example, waiting may make sense if you need time to:
- Improve your credit
- Pay down debt
- Build emergency reserves
- Save additional funds
- Establish employment history
- Resolve income documentation issues
- Determine where you actually want to live
Those are strategic reasons to wait.
But “I’m waiting because maybe everything will be cheaper later” is not a strategy.
It’s a prediction.
And nobody can guarantee that prediction will be correct.
Run the Six-Month Comparison Before Deciding
Before postponing your purchase, compare both scenarios.
Buy Today
What is the purchase price?
What seller concessions could potentially be negotiated?
What is the monthly payment?
How much cash would you need to close?
Wait Six Months
How much rent will you pay during that period?
How much additional money could you save?
What happens if rates decline?
What happens if they don’t?
What happens if prices move?
And what happens to your negotiating leverage if more buyers return?
You don’t need to predict the future perfectly.
You simply need to understand the tradeoffs.
Derek Parent: Mortgage Lending Since 1998
Derek Parent has been in mortgage lending since 1998, helping buyers navigate changing housing markets, mortgage rates, and lending guidelines for more than 25 years.
Through The Parent Team, Derek works with first-time buyers, veterans, self-employed borrowers, investors, luxury buyers, and Las Vegas condo and high-rise purchasers.
Depending on borrower and property eligibility, financing options may include conventional, FHA, VA, jumbo, bank statement, DSCR, asset-based, and other specialized mortgage programs.
The objective isn’t to convince someone to buy today.
It is to show them the numbers so they can make an informed decision about whether buying today or waiting actually makes more financial sense.
Final Thoughts
Six months from now, mortgage rates could be different. Home prices could be different. Inventory could be different. And buyer competition could be different.
But none of us knows exactly what those numbers will be.
What we can determine is whether an opportunity makes sense today.
Before you automatically decide to wait another six months, run the numbers.
Look at the payment. Look at the seller concessions. Look at your cash required to close. Look at your current housing expense. And then compare those numbers against the reasons you’re considering waiting.
If waiting makes sense, wait.
But if the numbers work today, don’t let the search for a “perfect market” cause you to overlook a good opportunity.