Hey there, if you've been considering buying a home, you're likely keeping an eye on mortgage rates. They might even be the reason you've delayed your plans. When rates spiked to almost 8% last year, some buyers realized it wasn't feasible for their budget. This could be your situation as well.

Here's the scoop: According to data from Bright MLS, the main reason buyers are putting their moving plans on hold is because of high mortgage rates.

David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”
— David Childers, CEO at Keeping Current Matters

Hey, have you heard? Mortgage rates are on the decline since last October. Despite some daily ups and downs, experts predict rates will keep dropping this year if inflation eases off. They're even talking about rates possibly going below 6% by the end of 2024! It could really shake things up for buyers. According to a recent piece on Realtor.com...

“Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.”
— Realtor.com

Thinking about making a move? With expert optimism about mortgage rates, now might be a good time to revisit your plans. Ask yourself: Is it time to take the next step? 🏡

What number do I want to see rates hit before I’m ready to move?

It's all about finding the right comfort level to start your search again. Could be 6.5%, 6.25%, or whenever they go below 6%. What works best for you?

So once you've got that number, just reach out to a local real estate agent. They'll keep you updated and alert you when the rates match your target. Easy-peasy!

Bottom Line

If you've held off on moving because of high mortgage rates, what rate drop would motivate you to jump back in? Share that number with me, and I'll keep you informed until we reach it. Let's chat soon!