You may have been watching the sidelines to see if prices will go down or if the interest rates will go down.
These past two weeks, interest rates went down a lot compared to what they were at some point above 8%, and now they are in the low 7s. There was a spike in people applying for mortgages and buying.
If you are on the market to buy and have been waiting, it might be time to make a move because once interest rates go down more, the markets will get more heated overbidding will start, and prices will increase. The trend is to go down as inflation gets under control, most economists think the interest rates will go lower and lower.
My opinion is once they reach around 5%. Everyone who has been waiting will jump in, and the market will be overheated again, so if you’re waiting, this is your time before it’s too late.
This is only my opinion, but I have been doing this for 20 years, so I know a little bit of something. If you are going to buy, give me a call, and I can help you make the best decision.
This Article from Yahoo supports this theory: ARTICLE
