Is It a Good Time to Buy?

Yes.But I’ve been telling potential buyers that since last October. Look, if you can’t qualify because of the current interest rates, of course it isn’t the right time for you. On the other hand, if you can qualify and you’re waiting for rates to come down, I feel you 

but all of the buyers that can’t yet qualify will be at those same open houses as you in a few months. They’ll be that 3rd, 4th and 5th offer on the house you want too.
If it comes down to monthly payments, there will be a threshold where a decrease in rates but an increase in purchase price have you in the exact situation you’re looking at right now. The only difference is rates are more temporary, the price you pay for the home… that one’s going to stick.

Spring inventory is here but Spring demand is not yet. Listings and open houses are seeing activity but not necessarily the offers to match. Buyers are still apprehensive to make a move and many homes are selling under asking price.

If it is your goal is to BUY in 2024/5; connect with a mortgage broker and a Realtor now. Both professionals work with buyers at all stages to help them prepare and recognize their personal “right time to buy”. If you can qualify now but you’re sitting on the sidelines; don’t forget that as rates drop and your buying power increases, so does everyone else’s.
Get pre-approved and ask your mortgage broker for a range of hypothetical rate scenarios. Then sit down with your Realtor and recent sales to compare what it looks like to purchase at today’s rates at prices vs. tomorrow’s projected rates and prices.

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