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“I’m waiting for interest rates to drop before I buy”

“I’m waiting for interest rates to drop before I buy”

Waiting to buy a home until interest rates drop? Can we shoot straight with you? You *might* want to reconsider.

Let us explain.

While it's true that lower interest rates make it cheaper to borrow money, interest rates are just one factor that determines affordability.

Another is demand. When rates drop, demand increases because more people can afford to buy. As a result, prices tend to inch upward as interest rates dip down.

In other words, if you wait to buy a home until interest rates drop, you may find you can't afford the home you want because prices have jumped even more.

If you're serious about buying, the best thing you can do is to talk to a trusted agent to discuss your options. 

A good real estate agent can help you find a home that fits your budget and needs — regardless of what rates are doing.

Let us know if you want to talk more about navigating this market, we're here to help you make the best decision for you and your family.

Source: How Interest Rates Affect the Housing Market.

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