Should I wait for mortgage rates to come down to buy a home?
Many buyers today are thinking this question. Some are deciding to wait and some a deciding to move forward.
Here’s a quick thought that could help answer this question:
When rates are up, the buyer pool tends to go down which creates less competition and prices of homes stays steady or sometimes go down.
When rates go down the buyer pool increases and can increase by large numbers (all that are waiting for rates to drop) which then leads to more competition and prices of homes go up.
If you’re thinking about whether to wait for rates to come down before you buy and want to chat more, reach out to me! Lisa Joy
Lisa@lisajoyrealtor.com or 703-403-8528