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  • Writer's pictureDebi Haning

Is Now the Right Time to Make Your Move in the Real Estate Market?

If you're considering a move, you might be wondering if you should wait for a dip in mortgage rates before taking the leap. Let's dive into some insights that could guide your decision.

Historically, mortgage rates and buyer demand share a see-saw relationship in the housing market. When rates climb, buyer enthusiasm tends to wane. Higher rates can deter potential buyers from taking on larger mortgage payments, causing them to delay their moving plans.

However, when rates start to decrease, the dynamic shifts. The demand transitions from subdued to robust. Many of those who hesitated to enter the market due to high rates are now ready to make their move. The chart below illustrates this relationship and where we currently stand:

As Lisa Sturtevant, Chief Economist for Bright MLS, points out,

The elevated rates we're experiencing now are likely to make more potential buyers hold off and anticipate a rate drop.

Why Waiting Might Not Be Your Best Bet

So, what does this mean for your moving plans? Here's the key takeaway: Experts anticipate mortgage rates to decrease later this year, albeit a bit delayed from initial expectations.

When rates do drop, the market will see an influx of buyers, intensifying competition. This increased demand could lead to bidding wars and quicker price escalations. Waiting might result in a more challenging and stressful home-buying experience due to heightened competition.

If you're prepared to sell now, seizing the opportunity could be advantageous. Acting promptly might allow you to move ahead of the competition and potentially fetch a better price for your home.

In Conclusion

If you're deliberating whether to hold off for lower mortgage rates before making your move, remember to consider the expected increase in buyer demand. As rates decline, competition is likely to soar. If you're aiming to stay ahead of the curve and capitalize on the current market conditions, it might be time to make your move. Let's discuss your options and strategize your next steps in the real estate journey. Reach out today!



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