Lender · Boca Raton, FL · Member since 2018 · 4 posts · 2 votes
Spoiler alert:
Despite high mortgage rates and soaring home prices, there's an argument for prospective buyers to enter the US housing market now due to reduced competition. High mortgage rates, currently at 8%, have discouraged many potential buyers, creating a somewhat favorable environment for those who are willing to act. Experts suggest that when mortgage rates eventually drop, there will be a surge in demand, potentially causing home prices to rise significantly, making this an opportune time for buyers who can find something within their budget.
Lender · Southwest Georgia · Member since 2017 · 312 posts · 278 votes
2y
I think any time is a good time if you can afford the house you want or if the cash flow makes sense then go for it. However, if anyone is selling you on the idea you can just refi later; run as fast as you can! We have no idea what is going to happen on rates so if that is your exit strategy, its a bad one.
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
2y
What I am seeing now too. People who wait for rates to drop are only going to face competition and higher prices. No one has a crystal ball, who knows what will happen but you can get discounts on properties and have leverage against sellers
Lender · Southwest Georgia · Member since 2017 · 312 posts · 278 votes
2y
I think any time is a good time if you can afford the house you want or if the cash flow makes sense then go for it. However, if anyone is selling you on the idea you can just refi later; run as fast as you can! We have no idea what is going to happen on rates so if that is your exit strategy, its a bad one.
Despite high mortgage rates and soaring home prices, there's an argument for prospective buyers to enter the US housing market now due to reduced competition. High mortgage rates, currently at 8%, have discouraged many potential buyers, creating a somewhat favorable environment for those who are willing to act. Experts suggest that when mortgage rates eventually drop, there will be a surge in demand, potentially causing home prices to rise significantly, making this an opportune time for buyers who can find something within their budget.
Lender · Mesa, AZ · Member since 2016 · 61 posts · 29 votes
2y
Yeah - these are all good thoughts! I know right now with rates in the upper 6s and low 7s instead of 8 now, there's an alarming number of people trying to buy since there's unknowns of where they go from here.