66% of Homebuyers Waiting for Rates to Drop
Hearing a lot lately about how homebuyers are waiting until rates drop to buy. According to U.S. News in April 2023, that number is 66% of homebuyers! Sure, you could do that. But before you put the emergency brake on your homeownership goals, take a real look at the numbers and understand what waiting means in real terms. This post is a start, but connect with a lender, shore up your budget, save for downpayment. If and when your situation makes sense to buy, you should think about going for it. Waiting may make sense for you. But it also may actually cost you money on a monthly basis and long-term basis. It can also cost you in negotiation power. When there is intense buyer competition, buyers have to give up more just to get their offer accepted and it becomes harder to negotiate along the way if something comes up with inspection, for example. So, don't assume a lower rate will equal a better situation for you as a buyer. Happy to walk and talk you through some scenarios if you're curious and can connect you to a lender or two to chat with about your particulat situation. Knowledge is power.
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