If you've been contemplating purchasing a home, mortgage rates are likely a key consideration for you. They may even be the reason you've postponed your plans for now. When rates soared to nearly 8% last year, many prospective buyers found themselves reevaluating their budgets. You might be in a similar situation.
Statistics from Bright MLS reveal that the primary reason buyers delayed their moving plans was due to high mortgage rates.
David Childers, CEO at Keeping Current Matters, addressed this trend in a recent episode of the How's The Market podcast, noting that three-quarters of buyers opted out due to mortgage rates. However, he predicts a shift in this pattern in 2024.
Mortgage rates have gradually declined since peaking last October. While fluctuations persist, long-term forecasts suggest further decreases throughout the year, contingent upon inflation control. Some experts even anticipate rates dropping below 6% by the year's end, which could significantly impact buyer sentiments.
While predicting mortgage rates is challenging, experts' optimism offers hope for prospective buyers. If you've delayed your plans, there's renewed optimism on the horizon, prompting you to reconsider your move.
The critical question now is: What mortgage rate threshold would prompt you to resume your home search? This figure is subjective and personal. Once determined, stay informed with the assistance of a local real estate professional. They'll keep you updated on rate movements and notify you when rates align with your target.
In Conclusion
If high mortgage rates have paused your moving plans, it's time to establish the rate threshold that would reignite your interest in the market. Once identified, reach out, and let's collaborate to ensure you're promptly informed when rates align with your criteria.
