Why Waiting for Rates to Drop May Cost You

Are you waiting for mortgage rates to drop before making your move? You should reconsider. According to recent surveys, people plan to buy when mortgage rates fall below 6%, which could increase competition and drive up home prices. Here are a few things to keep in mind about potential rate drops: 

The impact of lower mortgage rates. When rates drop into the 5% range, the number of buyers in the market will go up. That means more competition for you. This increased demand will drive prices up and could offset the benefits you gain from slightly lower rates.

"Don't wait for rates to drop further and risk facing increased competition and higher prices."

The current market sweet spot. Right now, we're at a sweet spot in the market. Affordability is better than a few months ago, and more inventory is available. That means you have more options and less competition.

Why acting now may benefit you. Waiting for rates to drop further may cost you in the long run. By acting now, you can take advantage of the current affordability and selection before the market becomes more competitive.

If you're considering buying a home, now may be the perfect time. Take advantage of this opportunity to secure a home before the market heats up. Contact me at (267) 242-9976 if you want to get started or have any questions.