A buyer asked. Ahmed’s answer, from his voice note.
If you can afford a larger down payment, one that brings your monthly payment to a level you’re comfortable with, go ahead and buy.
Waiting is fine, too. But picture this: you wait a year, rates come down, and home prices go up. The money you hoped to save on interest ends up going into a higher price, either because more buyers are competing or because prices simply rose.
It’s a 50-50 call. Renting can work as a temporary solution. But as a family grows, it needs more space, a different area, or the schools it wants. In the end, it comes down to your finances.
My rule of thumb when rates are high: put down as much as you comfortably can. A bigger down payment means less interest and a lower monthly payment. Aim for 20% or more. And buy a home you can live in comfortably, without stretching past your budget.
Ahmed Makkiyah, REALTOR®