Keeping Up with Casey: Buy Now & Refi Later, or Wait?

BUY NOW- REFI LATER
IS IT WORTH IT TO WAIT? 

Playing the waiting game with mortgage rates? You'd like to buy but ideally you want to wait for a lower interest rate – I totally get it! Here are a few reasons why waiting for rates might not be the best idea if you can afford to buy sooner rather than later:

• As we saw in 2020 and 2021, when mortgage rates dropped, more buyers entered into the market resulting in home price increases and bidding wars. No doubt that potential home buyers that have been priced out of today's market will be itching to buy if rates come back down again. You may want to avoid the competition from other buyers flooding the market.

• While waiting for rates to come down, you might be subject to rising home prices making the overall cost of homeownership more expensive. Not only have home prices increased but rent prices have increased too. You can lock in a steady mortgage payment now and enjoy the equity that you build in the years to come.

• Just waiting can be stressful. Analyzing market trends and monitoring the housing market can be draining. Additionally, if you have specific time constraints (like your lease ending) waiting for rates may not be feasible.

Ultimately, deciding to wait or not to wait depends on your individual circumstances. Reach out to me to help you weigh the pros and cons! No matter the market, I'm always here to help.