Waiting for those 3% Mortgage Interest Rates to come back?

If you have been holding off on buying a home or selling your home in hopes that interest rates will drop back down to 3%, you are definitely not alone!

It is a tempting idea—as a buyer who wouldn’t want a lower rate and smaller monthly payment? As a seller, who wouldn't want buyers feeling good about paying more for your home and getting a resulting lower monthly payment.

But here is the reality: ultra-low rates like that weren’t the norm. They were a product of a once-in-a-lifetime global event that triggered emergency economic measures. While we all appreciated those historically low rates while they lasted, it is important to understand that they came with a unique set of circumstances that are not likely to repeat any time soon.

Even if rates did dip that low again, consider what would happen for you as a buyer. Buyers would flood back into the market, driving up demand. Competition would heat up quickly, inventory would shrink, and prices could rise just like they did during the last boom. That kind of environment can be just as challenging—if not more so—than navigating today’s rates.

Here is the good news: you don’t need to wait for perfect conditions to make a smart move. Instead of focusing on what you can’t control (like interest rate predictions), focus on what you can control: Knowing your budget, getting pre-approved, and working with knowledgeable Real Estate Advisors | REALTORS®!

We can help you find and buy your dream home and/or sell your home! Contact us today to get started.