Word on the real estate grapevine (from market data and economist professionals) is that we can expect 5% rates next year... that's right—a rate we've not seen since 2022.
But… before you get too excited and start making plans to wait until midway through 2025* to buy a house remember what happened when rates dropped significantly throughout 2021? A $250k home was being sold for $400k. A $300k home sold for $500k.
Trying to ‘time the rates’ is honestly a lose-lose situation, because there’s never going to be a perfect time to buy. Either rates are higher, or low rates cause buyers to flood to the market making home values inflate.
Our advice? Ignore the rates and buy when you are ready. And the only way to figure that out is to speak to a mortgage lender and see how much you can reasonably and comfortably afford.
*And, with home prices appreciating as rapidly as they’ve been doing, by waiting 6-12 months that home you wanna buy might be tens of thousands of dollars more expensive by the time you go to buy it.
If you want to be introduced to one of The JFKLiving Team's trusted, vetted mortgage lenders to ascertain your affordability (whether you're intending to buy now or in 2025), message The JFKLiving Team here.
