In today's real estate market, a common sentiment echoes among homeowners: "Love our interest rate, but this house doesn’t fit our needs anymore." This statement captures the dilemma many face - the comfort of favorable mortgage rates versus the necessity to move due to changing life circumstances. Is waiting on interest rates serving you?
While the thought of embarking on a search for a new home in a fluctuating market can be daunting, it's important to weigh the cost of waiting. Now may indeed be the opportune moment to sell your home, potentially securing a premium price before the anticipated surge in market activity and competition in 2024.
Cost of Waiting on Interest Rates
For Sellers
More competition — a projected 13% increase in sellers in 2024.
Increased competition from new construction — new home sales are projected to keep rising.
More risk for expensive repairs that can wipe out savings.
For Buyers
40% of potential buyers said they won’t wait for rates to drop — that’s more competition for the home you want.
Average renters pay 32% of their income towards rent — all while losing out on building equity.
Median home price is expected to rise in 2024.
As the real estate market evolves, with interest rates stabilizing and a boost in new housing developments, the future holds promise for both buyers and sellers ready to make a move. However, success in this market isn't about trying to time it perfectly but about being prepared. If you're contemplating a change, consider the broader implications of waiting versus acting now. For personalized advice or to explore your options further, I'm here to help guide you through these decisions with clarity and confidence.