By Mike Baker · Mortgage Loan Originator · NMLS #259076
Originally published May 12, 2026 · Updated September 29, 2026 · Kansas & Missouri
The short answer: The best time to buy is when the home, payment, cash cushion, and expected time there fit your life—not simply when a headline says rates are falling. Buying now can make sense for one household while waiting is the wiser choice for another.
Start with readiness, not a market prediction
Before deciding whether this is a “good market,” ask whether you can comfortably carry the payment at the terms available to you. Include taxes, homeowners insurance, mortgage insurance when applicable, association dues, utilities, and maintenance. Then account for childcare, transportation, savings, and other priorities that may not appear in a loan qualification calculation.
The CFPB’s homebuying readiness guide is a useful starting point. For a practical budget discussion, read how much house you can realistically afford.
Buying now may fit when…
Your income and near-term plans are reasonably stable.
You can cover closing costs and retain a useful emergency cushion.
The home fits your needs without stretching every part of the budget.
You expect to stay long enough to consider both buying and selling costs.
The purchase works without depending on a future refinance or price increase.
Waiting may fit when…
You expect a move, need time to rebuild savings, have unresolved credit issues, or cannot find a property that fits a comfortable payment. Waiting can also make sense when the only way a purchase works is assuming a lower rate later.
A refinance is a new loan with qualification requirements and potential costs. Future rates, your income, credit, and the home’s value can all change. “I can always refinance” is not a substitute for an affordable payment today.
Compare both paths with the same assumptions
For buying now, estimate cash to close, the full monthly budget, and savings left afterward. For waiting, include rent, planned monthly savings, and a realistic review date. Test more than one outcome: rates stay similar, property prices fall, or your next home costs more than expected.
A useful question: If rates did not fall for several years, would you still be comfortable owning this home with this payment?
Moving up? Timing has a second layer
If you own a home, compare selling first with buying before selling. The important details are qualifying with overlapping obligations, accessing equity, and maintaining cash during the transition—not just getting the next house under contract.
Mike helps buyers across Kansas and Missouri compare financing scenarios. Your real estate agent can help with property selection, comparable sales, and contract negotiations. No one can guarantee the next move in rates or home values.
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Mike Baker · The Rate Shop · 913-213-3335 · mike@rateshopkc.com
Educational information, not a commitment to lend. Eligibility, costs, and terms vary by borrower, property, program, and lender.
