Should I Wait for Mortgage Rates to Go Down?

If you've been thinking about buying a home, you've probably asked yourself:

"Should I just wait until mortgage rates come down?"

It's a completely reasonable question.

But there's one problem.

Nobody knows exactly what mortgage rates will do next.

Waiting Isn't Free

While you're waiting for rates to change, other things can change too.

Home prices can move.

Inventory can change.

Your personal circumstances can change.

Competition can increase.

And if rates fall significantly, more buyers may enter the market.

That could make desirable homes more competitive.

What If Rates Fall After You Buy?

Depending on your circumstances, refinancing may be an option in the future.

That's why we encourage buyers to think beyond today's interest rate.

Instead, ask:

• Can I comfortably afford this payment?

• Do I plan to stay in the home?

• Is this the right home for my family?

• Does the purchase make sense financially?

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There Is No Perfect Market

The truth is that there will probably never be a day when everything lines up perfectly.

Rates are low.

Prices are low.

Inventory is high.

Competition is low.

Your dream home is available.

And you're financially ready.

That's a lot of things to ask for at once.

Instead of trying to perfectly time the market, focus on making a good decision based on your circumstances.

The best time to buy is when buying makes sense for you.

Ali Rohde, exp Realty