"Should I Buy or Should I Wait For Rates To Drop?"

I get that question a lot, it always reminds me of that 1980's Classic
by The Clash "Should I Stay or Should I Go?"

I always tell buyers: You can change the floor plan, the colors and material, and the systems & appliances, but you can’t change the view or the commute.

Buy what you can’t change. Plan to change the rest.

Waiting for Mortgage Rates to Drop? You May Be Watching the Wrong Number!

I hate to use the overworked saying, but there’s still some wisdom in it:
"Date the rate, Marry the house, and hopefully enjoy a Second Honeymoon when the opportunity comes to Refinance".

The important distinction is this: the price you pay for the house is permanent.
The interest rate may not be for long.

This may sound self-serving coming from a REALTOR®, but it’s really just common-sense advice backed by the math over the life of a mortgage.

And a truly relational REALTOR® does not want to sell you a home you’ll regret. We want to close with clients who become advocates for our service, not with someone who looks back on the experience as a cautionary tale.

If home prices rise as rates eventually ease, waiting could mean paying more for the same house, and that higher purchase price becomes the basis of your loan. You can potentially refinance a mortgage when market conditions improve, but you can’t refinance yesterday’s purchase price.

So I tell buyers: Hesitation casts money. Focus first on buying the right house at a price you can comfortably afford today. If rates improve later, that’s the bonus, not the business plan.