Buying a property now at 7% mortgage rate VS wait until the rates start falling

[Hwan Kim]

For the first option, I anticipate paying a higher interest rate, but I believe there may be fewer competitors in the market presently, potentially leading to good deals. Additionally, I assume housing prices are to rise (if they haven't already) once the rates start dropping.

On the other hand, with the second option, I'll pay less interest but I anticipate a surge in demand as many others may have the same idea and wait. So when the rates do drop, there could be a significant uptick in competition. Nonetheless, I also suspect there will be more supply, which might help balance out the demand.

I'm curious about the perspectives of others on this site regarding this matter

[Theresa Harris]

Problem is if the rates go down a bit, more people will buy and prices will go up.  Find a place where the numbers work and get it.  If the rates do drop, you can always refinance.