Your Perfect Homebuying Opportunity Is Here – Act Now!
After months of hesitation, homebuyers who were previously priced out due to high mortgage rates finally have their moment. Rates are trending down, making now the ideal time to buy—and this window may not last long.
If you’ve been holding off on your move, here’s why you shouldn’t delay any longer. As you consider your options, think about this: what do you think others will do when rates drop further?
Experts predict that as mortgage rates continue to decrease, more buyers will rush back into the market. In fact, a survey by Bankrate shows over 50% of homeowners would be motivated to buy if rates drop below 6%. With rates already hovering around the low 6% range, we’re not far from that point. Once rates hit the 5s, expect a surge in buyers, meaning more competition for you.
More buyers also mean higher home prices as demand increases. Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), warns that “higher demand will put upward pressure on home prices, particularly in areas with housing shortages.”
So while it might seem smart to wait for rates to drop, you could pay more as home prices rise.
What This Means for You
Right now, you have a golden opportunity. Fewer buyers are in the market, which means less competition for you. Plus, home affordability has already improved. According to Mike Simonsen, Founder of Altos Research, “Mortgage payments on the typical home are 7% lower than last year and 13% lower than the peak in May 2024.”
And while home inventory is still limited, it’s higher than it’s been in years. Realtor.com’s Senior Economist Ralph McLaughlin says, “The number of homes actively for sale has grown by 35.8%, marking the 10th consecutive month of growth.” This means you have more homes to choose from than in recent memory.
Why Waiting Could Cost You
If you’re waiting for the perfect moment, remember that timing the market is nearly impossible. The longer you wait, the higher the risk that conditions will shift. Greg McBride, Chief Financial Analyst at Bankrate, notes, “A drop in mortgage rates could bring a flood of demand that makes buying a home more difficult.”
Bottom Line
Don’t wait for more competition and higher prices. You have the chance to buy in this sweet spot today. Connect with an agent now and take advantage of this ideal time to move!
To learn more about the Prescott, Arizona real estate market contact Michael Eastwood CEO of West USA Realty of Prescott at 928-636-1500 or visit us at www.westusaofprescott.com
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