Waiting For Rates to Drop? Do This Instead!

Interest rates are still above 7%, and prices don’t show any sign of coming down in most areas. With rates predicted to start coming down in the fourth quarter of this year, and throughout next year, it makes sense to wait. At least, that’s what many people keep telling me. Sorry to break it to you, but it’s probably a bad idea, at least if you don’t want to lose money.
Mike Wise CMG Home Loans - / @mikewise1444
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[@rangerdoc1029]

Cool sales pitch bro. Hard pass

[@michaeltilford]

Not a sales pitch, just stating facts. Thanks for commenting.

[@rangerdoc1029]

@@michaeltilford There is zero possibility of the market supporting even higher prices. Volume is collapsing due to no demand.
Plus the golden rule: "Never fight the Fed". JPow is keenly aware that the Fed created the mortgage bubble & has addressed the need to fix it.
The perpetually rising prices narrative is being pushed by realtors: BoR, Zillow, Redfin... No bias there at all. 🙄

[@michaeltilford]

If there is zero possibility, then how do you explain prices continuing to rise all through 2023 with 6%+ interest rates? The problem is a lack of supply due to everyone refinancing back in 2021 and nobody wanting to give up their historically low mortgage rates. There is still plenty of demand from all cash buyers and even buyers taking out loans, banking on rates coming down. Without a large influx of homes for sale, prices can't do anything but continue to increase as the demand still outpaces the supply.