The Expert Podcast

• Home buyers are waiting for interest rates to drop, but this may not be the best strategy.
• Current market conditions suggest that waiting could cost more in the long run.

• Interest Rates and Home Prices: While rates are up, home prices have stopped increasing rapidly, and some types of homes may even see a small drop.
• Missed Opportunities: Many potential buyers who waited for rates to drop to 2-3% now wish they had bought when rates were at 4-5%.
• Net Ownership Price: This is the combination of home price and mortgage interest rate, and it may be higher in the future.
• First-Time Home Buyers: Now could be the best opportunity in several years for first-time buyers, despite rising rates.
• Seller Behavior: Many sellers are holding off due to high interest rates, making the market less competitive for buyers who are ready.
• Demand vs. Supply: While fewer people are actively buying, there is still significant demand for homes.
• Historical Context: The current interest rates, though higher, are still within the historical range of normal.
• Rent vs. Mortgage Payments: Rent continues to rise annually, which makes purchasing a home a more viable option for many buyers.
• Price Predictions: While prices won’t see a significant crash, there may be a slight pullback as unrealistic pricing becomes less common.
• More Inventory: There’s more inventory available now, giving buyers more options and negotiating power than in previous years.

• Even though home prices and mortgage rates are higher, home ownership still offers long-term financial benefits.
• For those considering buying, waiting for prices to drop or rates to fall might not be the best move. The market has more options available now, and waiting could lead to higher costs in the future.

• What are your thoughts on the current home price and mortgage rate situation? Share your comments with us!