The good news is interest rates are expected to drop by as much as 1/2 percent in the fall.
The bad news is you'll be competing with all the other Buyers who are waiting. I recommend buying now for the following reasons:
You [currently] have more selection with a robust inventory that includes, as of yesterday, the following housing inventory:
𝗦𝘂𝗻𝗻𝘆𝘃𝗮𝗹𝗲 - 103 properties on the market.
𝗠𝗼𝘂𝗻𝘁𝗮𝗶𝗻 𝗩𝗶𝗲𝘄 - 70 properties on the market
𝗟𝗼𝘀 𝗔𝗹𝘁𝗼𝘀 - 48 properties on the market
𝗟𝗼𝘀 𝗔𝗹𝘁𝗼𝘀 𝗛𝗶𝗹𝗹𝘀 - 24 properties on the market
𝗣𝗮𝗹𝗼 𝗔𝗹𝘁𝗼 - 69 properties on the market
𝗠𝗲𝗻𝗹𝗼 𝗣𝗮𝗿𝗸 - 47 properties on the market.
Consider this: waiting to buy means facing fierce competition once rates drop. Here are just a few reasons to buy now:
- The right property may not be available later.
- Overbidding for a lower rate increases your payment and tax costs.
- You can change your loan, not the purchase price or tax rate.
- Buy now before the rush to secure a lower home price, then refinance later.
Data obtained on the MLS on July 28, 2024
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