Homeownership has long been said to lead to financial stability. That's because when you own a home, you have an opportunity to build equity in an asset whose value can appreciate over time.

In fact, many seniors wind up in a pickle once retirement kicks off because they don't have savings, and their Social Security benefits aren't enough for them to cover their living costs. But since many seniors own their homes outright, they can often borrow against their home equity to bail themselves out when money gets unreasonably tight.

But while homeownership clearly has its perks, today's housing market is very tough to navigate. That holds true whether you're an everyday buyer or a real estate investor looking to add an income property to your portfolio. And for that reason, you may be better off waiting a year to buy rather than moving forward with a near-term offer.

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Source Fool.com