“I’m going to wait for rates to come down before I buy a house.”
In the pantheon of wrong thinking, the idea of waiting to buy a house until rates go down lands somewhere between “let’s not give the ball to Marshawn Lynch on the one yard line” and “I think Pedro can get us six more outs.”
The truth that consumers need to know is that you can always change the interest rate you got. You can never change the price you paid.
The second truth is just as important as the first: lower rates produce more qualified buyers, which reduces supply, which leads to INCREASED home prices.
In other words, if you want a great price on a house, hope for very high interest rates (1981 anyone?). If you want to pay top dollar (or SELL) then wait for the lowest rates possible.
This public service announcement is brought to you by Shamrock Home Loans and 31+ years of watching people insist the Blackberry will outsell the iPhone.
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