With mortgage rates at their highest in decades and home prices soaring, many buyers are waiting for the "right time" to purchase. But in North Georgia’s red-hot markets—Alpharetta, Roswell, and Cumming—historical trends suggest that waiting could actually cost you more in the long run. Here’s why buying now may be the smarter move.
Over the past 10 years, home values in:
- Alpharetta rose 139% (~9.1% per year)
- Roswell increased 124% (~8.4% per year)
- Cumming jumped 133% (~8.8% per year)
These numbers outpace the national average of 101% appreciation. Even in the last five years, prices have surged over 75% in these cities. Simply put: Delaying your purchase could mean paying tens of thousands more for the same home in a year or two.
Many buyers hope mortgage rates will drop, but if home prices continue rising, you may still pay more overall.
Example: A $600,000 home today with a 7% mortgage rate and 20% down payment has a principal and interest payment of ~$3,200/month. If you wait a year and prices rise 5%, that same home costs $630,000. Even if rates drop to 6%, your payment with 20% down would still be ~$3,020—only slightly lower, while paying $30K more upfront. It would take 166 months (almost 14 years) before you saved $30,000 in the lower payment.
And if rates stay high or go up, waiting could mean even higher costs. By the way, Fannie Mae estimates that conventional mortgage rates will stay right around 6.5% throughout 2025.
Buying now means you start building equity immediately as prices continue to rise. Plus, you can always refinance later if rates drop. On the other hand, you can’t rewind time to buy at today’s prices.
Right now, many buyers are sitting out, which means you may have more negotiating power. If rates drop, demand will surge, leading to bidding wars and even higher prices.
Yes, rates are higher than they were a few years ago—but history shows home prices in North Georgia keep climbing. If you’re financially ready, buying now lets you lock in today’s price, start growing your wealth, and refinance later when rates improve. Waiting? You might just find yourself paying more for the same home down the road.
Want expert guidance on securing your mortgage in North Georgia? Let’s talk today!