This is why homebuyers shouldn’t wait for interest rates to drop.
Are you waiting to buy a home? If you’re delaying your home purchase due to current interest rates, be aware that you might be waiting longer than expected. The rates seen in 2021, which dropped below 3%, are unlikely to return.
Economists predict that the 3% mortgage rate is unlikely to come back. The exceptionally low rates in 2020 were a result of unforeseen circumstances related to the global pandemic, which are rare. While rates may decline in the next year, they are not expected to go below 5%.
“The current market has fewer bidding wars and more reasonable prices.”
Some experts suggest that potential homebuyers need to accept that rates won’t reach the levels seen in 2020 and 2021. It’s important to consider this before waiting indefinitely, as rates may only drop slightly. Staying in a property that doesn’t meet your needs could lead to frustration.
Instead, it might be time to embrace the current rate environment, purchase your next home, and enjoy the benefits of homeownership. Remember, if rates go lower in the future, you can always refinance your loan. Additionally, the current market has fewer bidding wars and more reasonable prices for homes compared to the pandemic period.
If you have any questions about the Triangle real estate market or need assistance with your home buying or selling journey, don’t hesitate to reach out to us. We’re here to help you every step of the way. Call or email us today to get started.
