February 1st, 2023 7:16 PM by Regina Rickles, NMLS# 222362
Mortgage rates have declined from the highs reached late last year. You may be wondering if you should wait for them to drop further before making a home purchase. Let me explain why it may be more beneficial to act now instead.
We recently received December’s Pending Home Sales data, which measures signed contracts on existing homes. This number came in better than expected. We’re also starting to see other housing sales figures improve like New Home Sales. This rebound means activity is picking up and will likely only increase from here.
Instead of waiting, a better tactic would be to purchase that home today while there is less competition and more room for negotiation. This will help you get the best deal, and if rates do move lower, you can likely refinance your loan, while benefiting today from the price savings.
Don't wait, I’m Regina Rickles and I’m here to help you navigate your homebuying journey.