Buying a house in today's high interest rate market (October 2023)

The economics of buying a home with high mortgage rates versus waiting to buy in the future.

Buyers are holding off buying right now due to high interest rates. Simultaneously, sellers are reluctant to sell right now to avoid having to acquire their new mortgage at the prevailing high interest rates - they desire to wait and hold on to the good rates they acquired in the past. What will this mean for those who choose to purchase now? What about in the future?

Buying now could mean higher rates, but those with GOOD CREDIT can refinance to the lower future interest rates, while reaping the benefit of increased future home value and equity.

Buyers in the future will face fierce competition, because when the Fed lowers rates in the future, consumers who have been waiting to buy will now be flooding the market. And still, real estate experts forecast home values to continue to rise, even past unprecedented values through and after the pandemic.

Both strategies have their perks, but this is for sure - good credit will create better financial opportunities, every time.

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