Why should you buy a home now vs later? Is there a waiting cost in delaying a purchase? Is there an echo bubble coming and waiting is the right choice? On the flip-side, in a declining housing market there is a cost savings with renting versus buying. Or is this smoke & mirrors to get people to buy? Creating a sense of urgency is not the goal here; however, showing the waiting costs in an increasing housing market is.

Buy Now vs Later Calculator

Under the Snohomish County section (the spreadsheet includes Kind and Pierce), the spreadsheet defaults to a 5.59% home price increase and a 0.125% interest rate increase. When looking at Snohomish County's February statistics, over the last 12 months, the increase was 11.7% - according to the NWMLS.

Click the Excel icon, to the right, and save the spreadsheet.

There are always pros and cons for owning and renting, sunk costs associated with both, and reasons for one or the other. I know folks who like renting because they feel it allows for living area flexibility and folks who like owning because it delivers security. Renting allows folks to have the landlord take care of repairs (if the landlord isn't disinterested) and common areas where the homeowner has to absorb those costs (whether that be time, money, or both).

It is all a personal choice and so many factors go into the decision.