After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.
So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.
As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?
The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6% (see graph below):
With rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they drop into the 5s, the number of buyers in the market is going to go up – and that means more competition for you.
That increased demand will likely push home prices up, which could potentially take away from some of the benefits you’d gain from a slightly lower interest rate. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:
“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”
So, while waiting to buy may seem like a smart move, it could backfire if rising prices outpace your savings from slightly lower rates.
What This Means for You
Right now, you’ve got the chance to get ahead of all of that. Today’s market is a buyer sweet spot. Why? Because a lot of other buyers are waiting – which means not as many people are actively looking for homes. That means less competition for you.
At the same time, affordability has already improved quite a bit. Recent easing in mortgage rates has made homeownership more accessible. As Mike Simonsen, Founder of Altos Research, says:
“Mortgage payments on the typical-price home are 7% lower than last year and are 13% lower than the peak in May 2024.”
And while the supply of homes for sale is still low, it’s also higher than it’s been in years. According to Ralph McLaughlin, Senior Economist at Realtor.com:
“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”
This means you now have more options to choose from than you’ve had in quite a while.
With fewer buyers in the market, improving affordability, and more homes to choose from, you have the chance to find the right one before the competition heats up.
Why Waiting Could Cost You
If you’re waiting for the perfect time to buy, it’s important to understand that timing the market is nearly impossible. The longer you wait, the higher the risk that market conditions will shift—and not necessarily in your favor. As Greg McBride, Chief Financial Analyst at Bankrate, says:
“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”
Bottom Line
Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Let’s connect to make sure you’re taking advantage of it.
purchase amoxicillin sale – https://combamoxi.com/ order amoxicillin sale
amoxil uk – comba moxi cheap amoxicillin without prescription
diflucan 200mg uk – diflucan 100mg pills fluconazole cost
fluconazole 200mg tablet – https://gpdifluca.com/# buy generic fluconazole over the counter
cenforce 100mg for sale – https://cenforcers.com/ order cenforce 50mg sale
cenforce 100mg cheap – cenforce ca cenforce 100mg cost
cialis price comparison no prescription – https://ciltadgn.com/ snorting cialis
cialis cheap – https://ciltadgn.com/# buying cialis without prescription
cialis for pulmonary hypertension – https://strongtadafl.com/ buy cialis no prescription overnight
cialis over the counter at walmart – https://strongtadafl.com/# does cialis lower your blood pressure
buy generic zantac online – order zantac 300mg online cheap zantac uk
ranitidine 150mg without prescription – https://aranitidine.com/ buy zantac 300mg pill
sildenafil de 100 mg – https://strongvpls.com/ generic viagra pills
real viagra for sale – buy cheap viagra online canada do they sale viagra
This is the kind of advise I unearth helpful. doxycycline comprar
I am in point of fact delighted to coup d’oeil at this blog posts which consists of tons of worthwhile facts, thanks towards providing such data. https://gnolvade.com/
Thanks recompense sharing. It’s first quality. furosemide order online
This is a question which is forthcoming to my fundamentals… Diverse thanks! Quite where can I upon the acquaintance details an eye to questions? amoxil uk
I’ll certainly bring back to read more. https://ursxdol.com/clomid-for-sale-50-mg/
I’ll certainly carry back to be familiar with more. https://prohnrg.com/product/loratadine-10-mg-tablets/
I couldn’t weather commenting. Adequately written! https://prohnrg.com/
More posts like this would make the blogosphere more useful. pharmacie en ligne sans ordonnance cialis super active
Thanks recompense sharing. It’s acme quality. https://ondactone.com/product/domperidone/
Greetings! Extremely serviceable advice within this article! It’s the scarcely changes which will turn the largest changes. Thanks a lot in the direction of sharing! https://ondactone.com/product/domperidone/
This is the make of post I recoup helpful.
https://proisotrepl.com/product/clopidogrel/
This is the compassionate of literature I in fact appreciate.
https://proisotrepl.com/product/methotrexate/
I couldn’t resist commenting. Warmly written! http://www.google.me/url?q=http://https://doselect.com/@decab16353abf074be022fa5f
This website exceedingly has all of the tidings and facts I needed to this case and didn’t identify who to ask. http://www.zgqsz.com/home.php?mod=space&uid=846484
This website positively has all of the bumf and facts I needed there this subject and didn’t comprehend who to ask. http://forum.ttpforum.de/member.php?action=profile&uid=425012
buy dapagliflozin 10 mg generic – site dapagliflozin drug
purchase forxiga online – https://janozin.com/ dapagliflozin 10mg tablet
buy orlistat tablets – https://asacostat.com/ buy xenical 120mg online
buy orlistat generic – https://asacostat.com/# buy generic orlistat 60mg
Thanks on sharing. It’s first quality. http://www.dbgjjs.com/home.php?mod=space&uid=532972
This website absolutely has all of the tidings and facts I needed there this thesis and didn’t know who to ask. http://bbs.51pinzhi.cn/home.php?mod=space&uid=7112915
You can keep yourself and your ancestors close being alert when buying medicine online. Some druggist’s websites function legally and provide convenience, reclusion, sell for savings and safeguards over the extent of purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/clomid.html clomid
You can protect yourself and your family by being wary when buying panacea online. Some pharmaceutics websites control legally and provide convenience, privacy, rate savings and safeguards as a replacement for purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/lasix.html lasix
This website really has all of the low-down and facts I needed to this case and didn’t identify who to ask. TerbinaPharmacy
With thanks. Loads of erudition! lamictal 50mg without prescription
More posts like this would force the blogosphere more useful.
More posts like this would add up to the online play more useful.