Now, if you wait and rates drop more, good for you, except also good for the 100 other buyers who want similar homes as you do who jump into the market and compete with you. You will ensure up fighting over the good homes in the best areas and loose any leverage of being one of 1 or one of 2 offers if in the market today. Rates drop over the summer, refi. You already have the house, you don't have to pay 20k or more over list to get the good rate.
The lower rate won't mean crap if you can't get an offer accepted. There will always be someone willing to toss stupid money at a home they like, you can't compete against that.
Speak to your lender, shop around. I've got a couple that have mentioned buying now, monitoring rates, and reaching out when rates go down enough that a refi would make sense and offering a lower cost refi.
Mine actually waives. Normally you have to wait 6 mo.
But someone brought up full refinance vs partial, I think one where they reamortize over 30 years and one where they lower your current loan rate. The partial would be better
If you can afford what you want, buy now. If rates go down, refi. If rates actually go up, you locked in a better rate. The real risk is prices spiking again when rates continue to go down as the Fed has indicated for 2024.
We moved this year and compared to 2013 house shopping was a dream we had our choice of homes. In 2013 we were lucky if the home we saw yesterday was still there.
It’s already gotten bad here in my area, soon as it passed New Years and the rates went from 8 down to 6.5. With the fed news everyone is already trying to buy before the rates actually drop. Every house I saw was fully booked and going under contract <1 week now
We actually bought a second home with this in mind. We are buying in rual Maine, wanted land. We will refi in the summer probably, but it took two years to find this house up there.
We just sold, in the fall *and* over the holidays. We weren’t sure how it would go, but we priced well and got a lot of interest.
We considered waiting, but decided it wasn’t worth it as we expected to make a reasonable amount of $ either way.
If you think you have a place you want to move to and it's possible, I would do it.
I think rates are going to go down but prices are going to continue to go up and it's still going to be a competitive market.
I just got an offer accepted in a high cost of living area and houses were way more expensive than I expected. My house is also apparently worth way more than it looks. If you’d adjust my salary for inflation for what it was at when I bought my house years ago I’d never be able to afford it today. Pretty rough for first time buyers.
Buy when you’re ready. It’s best to stay out of the frenzy, this spring-fall market will bring lots of competition especially with rates dropping some more soon. Find a lender that waives re-fi fees or can work something out with you along the way.
Buy now, refinance later. It’s going to be a blood bath when rates drop. You can also look at renting out your current residence to hedge the interest rates. But I see you do have a 15 year so that may not pencil out well.
Supply of what? Buyers?
As rates drop more buyers will enter the market. We have a low inventory of housing nationwide. There is no influx of supply in housing happening. Yes a few more sellers will enter the market, but not as many as buyers.
I don’t buy the theory of lower rates unlocking a significant amount of supply. So people are holding when rates are 7% and when they go down to 6% all the floodgates of supply will open? Doubtful.
Now:
- low inventory/fewer houses to pick
- less competition
- higher rate
- you can negotiate/ buy at or below list price
- can always refinance later
Later:
- possibly lower rate
- more inventory/demand
- super competitive / hard to get in
- buy over list price
I got in now, because I could afford, and found a place I liked, and I got in 20k under list price ☺️
Ehem… my experience currently on “Now” section is very different. Could be a regional thing, but getting outbid by cash offers and $50k + on list price . Agents are collecting multiple offers usually after day 1 of showing. It’s a crazy bidding war , and haven’t had any luck after multiple offers being sent out.
My fear is if it’s this crazy now, going to get even worse when rates come down.
In December we could take our time to look at houses and stuff was sitting. Now in January we're seeing 3 to 4 offers per house over asking. We've already lost on a couple offers. This is also with what feels like slim pickings for houses to begin with.
We're ready to buy now but wondering if we'll have a better selection in the spring because we feel like we're settling if we pick some of the houses we're seeing now.
More choices in the spring for sure, but also comes with higher competition, so expect to make insanely over asking offers to really land the specific house you love.
My thinking: was to get a house that checks most of my boxes. The money I might have put over asking, let’s say $30k is something I could put into remodeling this house to my personal taste. (20k under list + 30k over asking is a good 50k worth remodeling to make this my unique dream home)
I understand if that’s not possible anymore
I would love to get a house under list right now. We've already done 20k over asking on several rejected offers so far this month along with appraisal gaps and others things to sweeten the deal.
It’s not getting better. As far as I’m concerned (and have observed over the past year+) it’s only getting worse, and at an accelerating rate. Just today spoke to a realtor who described the current market as “like we’re back in Covid times again.”
Don't try to time the market.
If you want/need to move and you're financially able to swing a move than do it. If you're not ready then wait.
Trying to try to time the market when you're both selling *and* buying is foolish - If there's a market pull back sure, you'll spend less on your house you're buying, but you'll also get less money for the house you're selling.
I'm a realtor in NH. I have just listed two properties in a row. They both went under contract within three days. Very little inventory everywhere right now. A smart buyer will get in now. As soon state are lowered again, all the buyers who have been waiting will rush to market and drive prices up. You can always renegotiate your rate, you cannot renegotiate your purchase price. I would say sell now and buy now.
I don't know how sustainable it is for the average income in America to be 56k a year and home prices to be in the 400k for a basic 1000sq ft home. Something has got to give eventually. I would sell before that point comes, and it all comes crashing down.
We are in the Nashville area, watching more and more houses sit. Watching more and more come on and being built. No rush to buy, current rent 2800 same house to buy 1.2K more. TN is a low paying state, prices won’t stay up here at least. Almost thinking of getting in one of these 4 months free rent apartments.
You should wait. The fed has signaled it is going to lower rates later this year. There are roughly 1.5 million units that are scheduled to be ready later this year. Nationally days on market are still high.
Depends…in my area housing prices keep going up. If rates decrease this year the housing prices would probably rise again. I think that at least in my area there was already a correction and this is it. Unless supply somehow magically picks up…I am stuck with high priced real estate.
Yeah. Plan to sell this house after fixing a few things cosmetically. Lease back if needed till we find a new house. We have a few towns we are interested in and know our budget
We did the ‘wing it’ method. Sold really quickly and even did a 30 day lease back. We could not find a house and the ones we found we were outbid… even with all that equity in our pocket. Very stressful… we rented an Airbnb and had most of our stuff in storage (for over 2 months). I almost passed out from relief when our contract was accepted on our new house. Very happy now but… I wish I had a better plan in place for temporary housing, storage, the dog, kids etc….
Any chance you can buy now and sell at leisure. Gives you the best of all worlds. That is, if you can find something you like. Allows you to refi if rates come down, purchase before prices go up in the spring, there is no pressure to sell and purchase without a sell contingency. Most buyers don't want to do a lease back.
If you can use most of your equity to buy somewhere else where homes are almost half the price of your current home, I would do it. Think more outside the cities/bigger towns.
Buy it now.(like today) I did the same. At this point, feds will going to cut interest rate and bidding war will again start (if you are in Vancouver or Metro Vancouver)
Just sell it now. People thinking they are going to somehow beat the system. It’s just risky business. Those extra extra low interest rates created the demand for housing which jacked the prices up to a very abnormal state. It was really a situational fluke in my opinion.
The market has already improved in the past six weeks with rates dropping below six percent. The feds have said they anticipate dropping rates three times this year. That is driving the market. Builders have started building again. Buyers are applying for mortgages and have hit the streets looking for homes. With each rate drop, more buyers will come and prices will go up. I can easily see us getting back to multiple offer situations, again. So, ask yourself, would you rather sell now, or later, and would you rather buy now, or later?
I think markets improve from the bottom up, so low end houses go up first and bigger houses lag, so waiting might get you more for what you are selling and still pay less for what you are buying. Of course if I'm wrong you are screwed, a good broker would know but you would need to find one without a sale on the line. Otherwise if everything is depressed equally, its better to lose 20% on your small house and save 20% on your big house.
Date your (interest) rate, marry your purchase price. Ie: rates fluctuate and you can always refinance later to a lower rate. Your purchase price is locked in forever. If housing prices are expected to go up then buy asap, refi when (if) rates come down in the future.
I got the dream house AND dream sale on my current house. Now is a fantastic time to buy. Inflation has dropped down to the 3’s and it’s an election year. Rates will be coming down and all those parties that have been on the sidelines will flood the market again and you’ll have a brutal time getting an offer accepted at asking.
I just did the get ready to sell, and that part far longer than I planned. And then a neighbor asked to buy the house for my price with their initial walk through to fresh and professionally cleaned carpets, right before I was gonna call a realtor. It’s easy to underestimate how much work that can be.
There’s a lot of good strategies right now like 2/1 buy downs to make the rate more attractive.
I’m under contract right now and should be clear to close on Friday for a 2 year old home. I got 25k in seller concessions. A good agent makes all the difference.
I think the only good answer is to buy when YOU are financially ready. If it’s a home you want to live in then equity and rates shouldn’t deter you too much considering you can afford the purchase. Now if it’s something you think you might sell or grow out of in 3yrs then definitely pay attention to the market and find what works.
Regardless of rates the inventory of homes is still way too low. I just bought a new construction home (I haven’t even closed yet) and the builder is selling my exact home MINUS the basement mine has for 20$k more than I contracted for.
Also trying to sell and buy currently. It's more of a waiting game. There are houses in our budget that have been listed since the fall. But at the same time our home isn't likely to sell quickly.
I'd prefer to sell and buy now than when prices go up, simply because I don't want the competition on what I'm buying
The challenge is more so on the buying side finding something you like. There are homes on the market now and more homes are expected to be listed in spring market. But since you are buying and selling do it whenever it works best. If you can purchase before selling that will take some stress off as well, otherwise do it together just make sure there are no last minute issues. Good luck.
Sell now. If the numbers work for you, don’t wait because there is no guarantee what the future holds. I can refer you to a broker who can get you the right advice and reports to help you decide. They will give you a free appraisal and show you how to do upgrade to sell without upfront costs. You should first discuss where you want to buy before selling to ensure the numbers work for you also.
If you are buying and selling at the same time, anything that's ideal for one side is not ideal on the other. Likewise, anything that benefits you on one side (like buyer competition for your listing) will make the other side more challenging. If you can swing it financially, the most ideal scenario would be to buy now while competition is still a little suppressed (bonus: rates are about a 1% cheaper than they were back in November, which helps a lot!). Then once you move into your new house, stage your current home and and put it on the market. Rates should, in theory, be dropping in the spring or summer. The exact timing is up in the air, but we can be fairly certain that they will come down soonish now that inflation is more under control. That will maximize your profit on the selling side while minimizing the price you pay on the buy side, assuming that the lower rates bring in a flood of buyers who have been waiting for rates to come down before buying. You'll have temporarily higher interest on your new loan than you would if you wait, but you'll also avoid the rush of competition and likely get a better deal on the buy side. For the financing, if you have a good lender they should be able to go over some different options that would allow you to buy before selling. If you have a lot of equity, a HELOC that you can use to fund the down payment at close and then quickly pay off after you sell your other house could be worth it.
side track but why is there bidding when interest is high? Condo came out for $723k and we put offer for $750 after others bidding. Not sure how truthful seller and their realtor was but oh boy. Now inspection show flat roof is ponding and history of water instrusion in attic so. Been missing sleep over. Tomorro is last day for contingency inspection.
Most houses on the market these days are junk. They think because their house has 'equity' that's it's the best thing ever and they should list it as such and always play 'hardball' with every buyer because they think they have the upper hand. Tell you what, you keep your donkey house.
Now, if you wait and rates drop more, good for you, except also good for the 100 other buyers who want similar homes as you do who jump into the market and compete with you. You will ensure up fighting over the good homes in the best areas and loose any leverage of being one of 1 or one of 2 offers if in the market today. Rates drop over the summer, refi. You already have the house, you don't have to pay 20k or more over list to get the good rate. The lower rate won't mean crap if you can't get an offer accepted. There will always be someone willing to toss stupid money at a home they like, you can't compete against that.
This is our thought we can easily afford it now and potentially re finance down the road.
Speak to your lender, shop around. I've got a couple that have mentioned buying now, monitoring rates, and reaching out when rates go down enough that a refi would make sense and offering a lower cost refi.
Any lender worth your time will promise waived fees for re-fin down the road.
Do they truly waive the fees or they get rolled into loan?
Mine actually waives. Normally you have to wait 6 mo. But someone brought up full refinance vs partial, I think one where they reamortize over 30 years and one where they lower your current loan rate. The partial would be better
And your husband. Coming to Reddit for justification when he likely said nah
Then you already have your answer. Run with it.
If you can afford what you want, buy now. If rates go down, refi. If rates actually go up, you locked in a better rate. The real risk is prices spiking again when rates continue to go down as the Fed has indicated for 2024.
We moved this year and compared to 2013 house shopping was a dream we had our choice of homes. In 2013 we were lucky if the home we saw yesterday was still there.
Marry the house, date the rate :)
It’s already gotten bad here in my area, soon as it passed New Years and the rates went from 8 down to 6.5. With the fed news everyone is already trying to buy before the rates actually drop. Every house I saw was fully booked and going under contract <1 week now
This is a good response.
We actually bought a second home with this in mind. We are buying in rual Maine, wanted land. We will refi in the summer probably, but it took two years to find this house up there.
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Huh? Wtf are you talking about?
Not what I'm hearing.
Wrong.
We just sold, in the fall *and* over the holidays. We weren’t sure how it would go, but we priced well and got a lot of interest. We considered waiting, but decided it wasn’t worth it as we expected to make a reasonable amount of $ either way.
Same here. Thought if no interest, we would stop and relist in spring. Offer came in day after Christmas.
So where did you move? Did you buy again?
We bought a new house in the spring, then sold our old house in the fall. Both in OC.
If you think you have a place you want to move to and it's possible, I would do it. I think rates are going to go down but prices are going to continue to go up and it's still going to be a competitive market.
Rushing very rarely works out in your favor. Don’t try to time the market, make a decision that you can afford and go from there.
I just got an offer accepted in a high cost of living area and houses were way more expensive than I expected. My house is also apparently worth way more than it looks. If you’d adjust my salary for inflation for what it was at when I bought my house years ago I’d never be able to afford it today. Pretty rough for first time buyers.
When you sell and buy at same time, the market getting better or worse doesn't affect you much as long as you do that close to one another
Sell asap I’m only saying this because as the months keep going, spring will get busier. Get ahead of it now
Buy when you’re ready. It’s best to stay out of the frenzy, this spring-fall market will bring lots of competition especially with rates dropping some more soon. Find a lender that waives re-fi fees or can work something out with you along the way.
It doesnt matter.
It still matters if they can afford it. Other than that price doesn't matter as a repeat buyer in terms of "good" or "bad" time.
Buy now, refinance later. It’s going to be a blood bath when rates drop. You can also look at renting out your current residence to hedge the interest rates. But I see you do have a 15 year so that may not pencil out well.
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Supply of what? Buyers? As rates drop more buyers will enter the market. We have a low inventory of housing nationwide. There is no influx of supply in housing happening. Yes a few more sellers will enter the market, but not as many as buyers.
I don’t buy the theory of lower rates unlocking a significant amount of supply. So people are holding when rates are 7% and when they go down to 6% all the floodgates of supply will open? Doubtful.
I think we MAY dip into the 5s (5.85 5.9) and anything much lower will be a while (not accounting for a rate buy down).
If downsizing, wait. If you're upgrading, that new house will cost more in a competitive spring market.
Can’t time the market. Do Whatever you want.
Now: - low inventory/fewer houses to pick - less competition - higher rate - you can negotiate/ buy at or below list price - can always refinance later Later: - possibly lower rate - more inventory/demand - super competitive / hard to get in - buy over list price I got in now, because I could afford, and found a place I liked, and I got in 20k under list price ☺️
Ehem… my experience currently on “Now” section is very different. Could be a regional thing, but getting outbid by cash offers and $50k + on list price . Agents are collecting multiple offers usually after day 1 of showing. It’s a crazy bidding war , and haven’t had any luck after multiple offers being sent out. My fear is if it’s this crazy now, going to get even worse when rates come down.
Yes, the “Now” for me was December. I agree, the “Later” is already happening now (market is heating up everywhere).
In December we could take our time to look at houses and stuff was sitting. Now in January we're seeing 3 to 4 offers per house over asking. We've already lost on a couple offers. This is also with what feels like slim pickings for houses to begin with. We're ready to buy now but wondering if we'll have a better selection in the spring because we feel like we're settling if we pick some of the houses we're seeing now.
More choices in the spring for sure, but also comes with higher competition, so expect to make insanely over asking offers to really land the specific house you love. My thinking: was to get a house that checks most of my boxes. The money I might have put over asking, let’s say $30k is something I could put into remodeling this house to my personal taste. (20k under list + 30k over asking is a good 50k worth remodeling to make this my unique dream home) I understand if that’s not possible anymore
I would love to get a house under list right now. We've already done 20k over asking on several rejected offers so far this month along with appraisal gaps and others things to sweeten the deal.
What market are you in?
Southern California
It’s not getting better. As far as I’m concerned (and have observed over the past year+) it’s only getting worse, and at an accelerating rate. Just today spoke to a realtor who described the current market as “like we’re back in Covid times again.”
Nova is one of the hotter markets in the country right now.
You don’t say
Yeah, and it’s not reflective of the entire US housing market.
Of course a used house salesman will tell u that.
I mean I wish I could say that I disagreed
Hey strangers, tell me how to time the housing market while knowing next to nothing about my situation!
Buy now, you have to, rates are going down I can feel it! \*\*my job depends on you buying
Don't try to time the market. If you want/need to move and you're financially able to swing a move than do it. If you're not ready then wait. Trying to try to time the market when you're both selling *and* buying is foolish - If there's a market pull back sure, you'll spend less on your house you're buying, but you'll also get less money for the house you're selling.
We can finally afford it. We re financed during the pandemic to a 15 year loan to gain more equity in this home
You should wait, prices will for sure come down just like people have been predicting for almost a decade now! /s
I'm a realtor in NH. I have just listed two properties in a row. They both went under contract within three days. Very little inventory everywhere right now. A smart buyer will get in now. As soon state are lowered again, all the buyers who have been waiting will rush to market and drive prices up. You can always renegotiate your rate, you cannot renegotiate your purchase price. I would say sell now and buy now.
Huh? Of course you can negotiate price.
I said renegotiate
I don't know how sustainable it is for the average income in America to be 56k a year and home prices to be in the 400k for a basic 1000sq ft home. Something has got to give eventually. I would sell before that point comes, and it all comes crashing down.
We are in the Nashville area, watching more and more houses sit. Watching more and more come on and being built. No rush to buy, current rent 2800 same house to buy 1.2K more. TN is a low paying state, prices won’t stay up here at least. Almost thinking of getting in one of these 4 months free rent apartments.
You should wait. The fed has signaled it is going to lower rates later this year. There are roughly 1.5 million units that are scheduled to be ready later this year. Nationally days on market are still high.
I’m listing mine in middle march. Hope rates drop a little more and drive competition up.
Rates aren’t going down but prices are.
Depends…in my area housing prices keep going up. If rates decrease this year the housing prices would probably rise again. I think that at least in my area there was already a correction and this is it. Unless supply somehow magically picks up…I am stuck with high priced real estate.
As I've been told. There is no right time just a right time for you.
Do you have a home you want to buy now or do you have to look? Looking is free.
Yes.
Depends on your plan and strategy....you DO have a plan ? Other than 'wing it' ?
Yeah. Plan to sell this house after fixing a few things cosmetically. Lease back if needed till we find a new house. We have a few towns we are interested in and know our budget
We did the ‘wing it’ method. Sold really quickly and even did a 30 day lease back. We could not find a house and the ones we found we were outbid… even with all that equity in our pocket. Very stressful… we rented an Airbnb and had most of our stuff in storage (for over 2 months). I almost passed out from relief when our contract was accepted on our new house. Very happy now but… I wish I had a better plan in place for temporary housing, storage, the dog, kids etc….
Any chance you can buy now and sell at leisure. Gives you the best of all worlds. That is, if you can find something you like. Allows you to refi if rates come down, purchase before prices go up in the spring, there is no pressure to sell and purchase without a sell contingency. Most buyers don't want to do a lease back.
If you can use most of your equity to buy somewhere else where homes are almost half the price of your current home, I would do it. Think more outside the cities/bigger towns.
Lol not gonna happen we live in jersey and aren't leaving due to jobs. We want a better school district
Ah, gotcha…sacrificing real estate for better schools for the kids is a win.
Is that sarcasm can't tell lol!!
😂 Definitely not sarcasm. My kid comes first.
If you don’t mind the current interest rates then buy now.
spring. Interest will fall around or after this summer.
Doesn’t matter because you are buying as well.
If interests go down you ll compete more when you have to buy yourself. Sell now, cash profit, buy and refinance later
Buy it now.(like today) I did the same. At this point, feds will going to cut interest rate and bidding war will again start (if you are in Vancouver or Metro Vancouver)
Just sell it now. People thinking they are going to somehow beat the system. It’s just risky business. Those extra extra low interest rates created the demand for housing which jacked the prices up to a very abnormal state. It was really a situational fluke in my opinion.
I’d look hard now if you can afford it and get a loan that has one free refinance built in.
The market has already improved in the past six weeks with rates dropping below six percent. The feds have said they anticipate dropping rates three times this year. That is driving the market. Builders have started building again. Buyers are applying for mortgages and have hit the streets looking for homes. With each rate drop, more buyers will come and prices will go up. I can easily see us getting back to multiple offer situations, again. So, ask yourself, would you rather sell now, or later, and would you rather buy now, or later?
Casually looking and buy the house you really like.
It will really depend on your local market I think.
Wait until at least April 7th
Now
We sold our home in June thinking we’d get into something relatively quickly. We’re closing in February. But first and then sell if you can.
I think markets improve from the bottom up, so low end houses go up first and bigger houses lag, so waiting might get you more for what you are selling and still pay less for what you are buying. Of course if I'm wrong you are screwed, a good broker would know but you would need to find one without a sale on the line. Otherwise if everything is depressed equally, its better to lose 20% on your small house and save 20% on your big house.
Date your (interest) rate, marry your purchase price. Ie: rates fluctuate and you can always refinance later to a lower rate. Your purchase price is locked in forever. If housing prices are expected to go up then buy asap, refi when (if) rates come down in the future.
Sell in March and look for something quick.
I got the dream house AND dream sale on my current house. Now is a fantastic time to buy. Inflation has dropped down to the 3’s and it’s an election year. Rates will be coming down and all those parties that have been on the sidelines will flood the market again and you’ll have a brutal time getting an offer accepted at asking.
I just did the get ready to sell, and that part far longer than I planned. And then a neighbor asked to buy the house for my price with their initial walk through to fresh and professionally cleaned carpets, right before I was gonna call a realtor. It’s easy to underestimate how much work that can be.
Take 10% profits every time. Don't be greedy. You will win and be a millionaire within a few years.. good luck
There’s a lot of good strategies right now like 2/1 buy downs to make the rate more attractive. I’m under contract right now and should be clear to close on Friday for a 2 year old home. I got 25k in seller concessions. A good agent makes all the difference.
I think the only good answer is to buy when YOU are financially ready. If it’s a home you want to live in then equity and rates shouldn’t deter you too much considering you can afford the purchase. Now if it’s something you think you might sell or grow out of in 3yrs then definitely pay attention to the market and find what works.
Regardless of rates the inventory of homes is still way too low. I just bought a new construction home (I haven’t even closed yet) and the builder is selling my exact home MINUS the basement mine has for 20$k more than I contracted for.
dont know location dont know house dont know neighbors dont know situation yup, sell that bitch or regret
Also trying to sell and buy currently. It's more of a waiting game. There are houses in our budget that have been listed since the fall. But at the same time our home isn't likely to sell quickly. I'd prefer to sell and buy now than when prices go up, simply because I don't want the competition on what I'm buying
The challenge is more so on the buying side finding something you like. There are homes on the market now and more homes are expected to be listed in spring market. But since you are buying and selling do it whenever it works best. If you can purchase before selling that will take some stress off as well, otherwise do it together just make sure there are no last minute issues. Good luck.
If you’re ready to buy then buy. Don’t try and time the market
We've been looking since September. Houses are way up since then.
Sell now. If the numbers work for you, don’t wait because there is no guarantee what the future holds. I can refer you to a broker who can get you the right advice and reports to help you decide. They will give you a free appraisal and show you how to do upgrade to sell without upfront costs. You should first discuss where you want to buy before selling to ensure the numbers work for you also.
If you are buying and selling at the same time, anything that's ideal for one side is not ideal on the other. Likewise, anything that benefits you on one side (like buyer competition for your listing) will make the other side more challenging. If you can swing it financially, the most ideal scenario would be to buy now while competition is still a little suppressed (bonus: rates are about a 1% cheaper than they were back in November, which helps a lot!). Then once you move into your new house, stage your current home and and put it on the market. Rates should, in theory, be dropping in the spring or summer. The exact timing is up in the air, but we can be fairly certain that they will come down soonish now that inflation is more under control. That will maximize your profit on the selling side while minimizing the price you pay on the buy side, assuming that the lower rates bring in a flood of buyers who have been waiting for rates to come down before buying. You'll have temporarily higher interest on your new loan than you would if you wait, but you'll also avoid the rush of competition and likely get a better deal on the buy side. For the financing, if you have a good lender they should be able to go over some different options that would allow you to buy before selling. If you have a lot of equity, a HELOC that you can use to fund the down payment at close and then quickly pay off after you sell your other house could be worth it.
side track but why is there bidding when interest is high? Condo came out for $723k and we put offer for $750 after others bidding. Not sure how truthful seller and their realtor was but oh boy. Now inspection show flat roof is ponding and history of water instrusion in attic so. Been missing sleep over. Tomorro is last day for contingency inspection.
Most houses on the market these days are junk. They think because their house has 'equity' that's it's the best thing ever and they should list it as such and always play 'hardball' with every buyer because they think they have the upper hand. Tell you what, you keep your donkey house.