ARE HIGHER MORTGAGE RATES HERE TO STAY?
For many buyers, the waiting game is in full swing. They're waiting for the rates to go down, they're waiting for the right house to come available, or waiting for prices to fall. Recent market data shows prices are still rising, and in many areas, they're increasing 1% a month!
There’s no denying mortgage rates are higher right now than they were in recent years. Some people are deciding to put their plans on hold because of where mortgage rates are now. But what you want to know is: is that a good strategy? I teamed up a with a lender to get a better feel of what the numbers look like. You know what they say.. "numbers don't lie"!
So, let's see if it's better to wait for rates to fall instead of buying now. Here's where it gets very interesting... See the example spreadsheet below to see why buying now will be the more financially sound decision versus waiting.
QUICK FACTS
- New Listings decreased 14.1 percent for Single Family homes but increased 14.8 percent for Condo/Town homes
- Pending Sales decreased 6.9 percent for Single Family homes but increased 10.9 percent for Condo/Town homes
- Inventory decreased 10.4 percent for Single Family homes but increased 22.7 percent for Condo/Town homes
- Median Sales Price increased 5.5 percent to $391,993 for Single Family homes and 5.7 percent to $357,990 for Condo/Town homes
- Days on Market increased 33.3 percent for Single Family homes and 8.3 percent for Condo/Town homes
- Months Supply of Inventory increased 16.7 percent for Single Family homes and 30.8 percent for Condo/Town homes.
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