Last week, Federal Reserve Chair Jerome Powell announced that not only would rates not increase, but they are expected to be cut three times in 2024. Once that happens, there will most likely be increased buyer competition and homes are likely to go way above asking price–especially since Philadelphia was recently identified as one of the top 10 national markets with the most pent-up housing demand, according to a National Association of Realtors study. And, it has twice as many affordable homes for first-time buyers as other comparable markets.
If you want to buy a home in Philly, it would be strategic to jump back into the market sooner than later and then consider refinancing later this year. After the competition increases (and home prices increase as well), you can never lower the price you paid for your home, but you can always refinance your loan to lower your monthly payment.