High interest rates are still deterring some buyers, resulting in inventory trending down in the Greater Boston area. This is happening mainly because buyers are often also sellers, so many folks are opting to stay with their current, relatively low interest rates and not buy or list their homes right now.
But don’t fear buyers, now is still a great time to buy a house!
Some buyers have paused their search, which increases the likelihood of you getting an offer accepted, especially an offer that’s closer to the asking price, instead of dealing with bidding wars, far over the asking price and value of the property. If you buy a home now, you will most likely spend less money on your house than you would once rates go down. And remember, you can refinance when interest rates drop!
But why not wait, just to be safe?
When interest rates go down, there will be an influx of buyers flooding the market, leading to multiple offers, bidding wars, zero contingencies/inspections, and high sales prices, which all make for a more challenging negotiation process. Waiting will inevitably lead to you spending more money in the long run.
Still not sure? Consult an expert!
At The Synergy Group, we have over 35 years of experience navigating different real estate markets, varying interest rates, and changing economic conditions. We can connect you with one of the top mortgage lenders in the country who can help you determine if now is the best time for you to buy.
Best of all, if it turns out that now is not the best time for you to purchase a home, our skilled and knowledgeable mortgage lenders will help you devise a financial plan so that home ownership is possible in your future.
Contact us today to get connected with a lender!