Why Waiting for the "Market" to Crash - actually costs you money

For many on Long Island, the dream of homeownership feels just out of reach. With rising home prices and high interest rates, it’s tempting to wait for a housing crash that might finally bring affordability back. But here’s the reality: that crash may never come — and waiting could actually cost you more.

1. A Common Hope: Waiting for the Crash

A recent survey found that nearly 1 in 3 Americans are holding off on buying a home because they believe a market crash is on the horizon. Across Long Island, this belief is common among renters and first-time buyers who feel locked out by high prices and limited inventory.

2. The Cost of Waiting: Rising Prices & Rates

Since 2020, home prices on Long Island have climbed steadily. According to OneKey MLS, the median sale price in Nassau County rose from around $500,000 in 2020 to over $700,000 in 2023. Meanwhile, interest rates have nearly doubled. This combination means monthly mortgage payments are rising much faster than incomes. The longer you wait, the more expensive homeownership becomes.


3. Missing Out on Equity Gains

Homeowners who bought in 2020 or 2021 are now sitting on significant equity. In Nassau and Suffolk Counties, many have seen over $100,000 in home value growth in just a few years. By sitting on the sidelines, would-be buyers are missing out on one of the biggest wealth-building opportunities available to middle-class families.



4. Timing the Market Rarely Works

Buying real estate isn’t like investing in stocks. You can’t perfectly time the bottom. Experts agree: the best time to buy is when you can afford the monthly payment and plan to stay put for several years. If you’re financially ready, waiting for a dip that may never come could mean losing out entirely.

5. Focus on What You Can Control: Monthly Affordability

Instead of trying to predict the market, buyers should focus on what really matters: monthly affordability. Even if home prices drop slightly, higher interest rates can erase those savings. Today’s market may not be perfect, but locking in a stable payment now could be smarter in the long run.

Final Thoughts

For Long Island residents dreaming of owning a home, the key takeaway is simple: don’t let fear of a crash keep you from building your future. The market may not crash, but your opportunity to buy affordably might already be slipping away.

Want to understand your options in today’s market? Reach out to me, your local Long Island real estate expert. Let’s review your situation, explore available listings, and find a path that works for you before prices climb further.


Kyle Cheng
347-273-8850
kyle@aaronbatesrealestate.com

Follow me on IG and FB - @agentkylecheng