Don’t Let Interest Rates Stop You From Building Your Dream Home

If you’ve been considering buying a home, mortgage rates are likely at the top of your mind. They might even be why you put your plans to move on hold for now. When rates climbed to nearly 8% in 2023, some buyers found the numbers didn’t make sense for their budget anymore. That may be the case for you, too.

Data from Bright MLS shows the top reason buyers delayed their plans to move is because of high mortgage rates (see graph below):

David Childers, CEO of 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.”

That’s because mortgage rates have come down since their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year. Experts even say we could see rates below 6% by the end of 2024. And that would be a game-changer for many buyers. As a recent article from Realtor.com says:

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%.”

While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you positive insight into what’s ahead. If your plans have been on pause, there is a light at the end of the tunnel soon. That means it may be time to start thinking about your move. The best question you can ask yourself right now is this:

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

The exact percentage at which you feel comfortable kicking off your search again is a personal choice. Maybe it’s 6.5%, 6.25%, or once they drop below 6%.

Once you have that number in mind, Davis Homes is here to help you start the process. Connect with a local real estate professional. They’ll help you stay in the loop, and when rates hit your target, they’ll be the first to let you know.

If you’ve put your plans to move on hold because of where mortgage rates are, think about the number you want to see rates hit that would make you ready to re-enter the market.

Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.

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