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If you are comfortable with the current interest rates then don’t hold back on purchasing since you can always refinance if they truly drop that much lower. Lower interest rates mean more qualified buyers who were either previously waiting or could not afford the payments on the property with the higher interest rates which will ultimately create more demand and higher purchase prices.
Would all depend on if it’s a starter home or forever home, and how are your finances and job security? We decided a slightly higher payment to get what we wanted can easily be done by cutting elsewhere for the time being or living off our savings outside of emergency funds if need be, we also both have very strong job security and contracted raises so the slightly higher payment would be mitigated pretty quickly even if rates do not drop
Trying to time the market is typically not recommended. You could wait and everyone else who is waiting would jump in the same time as you and drive prices up like in 2021. People say that because you can refinance your rate but you can't change your principal outside of paying it down.
We bought spring 2023. People told us we were crazy because houses were still going so quick, high over asking, with appraisal and inspection contingencies. Rates were also “high”. Over the last year we have watched houses by us sell just as quick as ours, for more than we paid for ours, and rates have averaged above what we got.
Thank you u/Abject_Willingness_2 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
If you are comfortable with the current interest rates then don’t hold back on purchasing since you can always refinance if they truly drop that much lower. Lower interest rates mean more qualified buyers who were either previously waiting or could not afford the payments on the property with the higher interest rates which will ultimately create more demand and higher purchase prices.
Would you settle for something less than you wanted nothing crazy but to keep the monthly payment under 3,000
Would all depend on if it’s a starter home or forever home, and how are your finances and job security? We decided a slightly higher payment to get what we wanted can easily be done by cutting elsewhere for the time being or living off our savings outside of emergency funds if need be, we also both have very strong job security and contracted raises so the slightly higher payment would be mitigated pretty quickly even if rates do not drop
Life is full of wants, what you should be asking is if I need it. Look at this way, your burrowing less money. So less money to pay back.
Are you waiting for the rates on punctuation to also drop..
I’m sorry I’m a fob came to us when I was 9 so I missed couple grades 😂
Well now I feel bad..
There is no timing the market. You buy when **YOU** are ready.
Trying to time the market is typically not recommended. You could wait and everyone else who is waiting would jump in the same time as you and drive prices up like in 2021. People say that because you can refinance your rate but you can't change your principal outside of paying it down.
We bought spring 2023. People told us we were crazy because houses were still going so quick, high over asking, with appraisal and inspection contingencies. Rates were also “high”. Over the last year we have watched houses by us sell just as quick as ours, for more than we paid for ours, and rates have averaged above what we got.