Should I Wait for Mortgage Rates To Come Down Before I Move?
If you’re planning a move, you may wonder whether to wait until mortgage rates drop. Here’s what you need to know.
There’s a strong relationship between mortgage rates and buyer demand. When rates are high, some buyers pause their plans, leading to lower demand. When rates decline, those buyers return, boosting demand.
“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.” – Lisa Sturtevant, Chief Economist, Bright MLS
Why You Might Not Want To Wait
If you’re wondering about your move, here’s the key takeaway: mortgage rates are projected to come down later this year. When that happens, buyer demand increases, meaning more competition for homes and potentially higher prices.
If you’re ready to sell now, you can get ahead of this competition and move before demand spikes.
Bottom Line
Waiting for rates to drop can increase competition when you go to buy next. If selling now makes sense for your situation, acting sooner may be beneficial. Let’s chat about your options.
