Buy Now or Save Later?

I’ve been getting a lot of questions about the market and where I think interest rates will go this fall. Economic data indicates that the Federal Reserve will drop rates at their September 17th meeting, but waiting for this to happen can be a fool's errand. Mortgage rates have been dropping through late August and early September as new data comes out. Actual mortgage rates that people pay on home loans are already dropping in anticipation. When rates drop by a 1/2 percent or more, the market will get crowded again with buyers entering the market for the first time, and competition and multiple offers will eliminate any rate advantage a buyer holds.

I would argue that circumstances drive buying and selling behavior more than markets and rates. I’m helping people and the rhythm of life continues regardless of the rates or inventory. One client had a safety concern near their home and caused them to reconsider the neighborhood. Another client couldn’t bear to maintain her huge home on her own any longer. Stairs became an issue for another dear friend. In these cases, the clients bought and sold in a middling market. They didn’t get multiple offers on their listings, but they purchased into a slightly slower market and we focused more on the "seller net" vs listing prices.

My husband and I have moved many times as a couple, but we have now been in our current home almost ten years, the longest of any place together. During that time, my husband has retired from his corporate job and our youngest child left us to be empty nesters. Life keeps chugging along, through low interest rates, world-wide pandemics, high interest rates and low housing stock. We are considering putting an accessory dwelling unit (ADU) in our lower level now.

If your current situation has you rethinking your neighborhood or if life calls you home to family, I can care for you through any circumstance and would love to talk to you about your choices.