Congratulations! We made it! 2023 has officially ended and Q4 will soon be over!
The new normal is higher interest rates, and a lack of housing supply. This has led many buyers to wait out the market. Unfortunately, the only party that wins when waiting seems to always be Time.
The waiting-game is finicky and leaves buyers saying “I wish i would have purchased this year!” 2020 was the best rate market in decades. “I would have bought a cheaper price and refinance now.” 2021, I wish i didn’t pay over market value but m happy that my rate is less than today’s.
If you wait for the right interest rate, it will cost more to purchase your home. And if you wait for the lowest price, the costs are lower when rates increase.
Mortgage rates have fallen from low 8’s and mid 7’s in recent months. Some economic outliers predict rates will drop to 6’s in the coming months.
Will prices increase if rates drop? I could afford a larger home, but would I need to pay more than the appraised value in order to get my offer accepted? What if…? What If…? What if? Homes in Las Vegas are sitting on the market longer with occasional price reductions and seller concessions. But how long will this last? Will you have to pay more than appraised value to ensure your offer is accepted?
Never wait to purchase real estate. Always buy and WAIT.
Daniel Herrera, Senior Mortgage Loans Specialist at Laser Mortgage. He can be reached at 714.878.3112 or [email protected]
The article Holi “daze” are Here first appeared on Vegas Legal Magazine.