Are you considering selling your home in the Danville or East Bay area and wondering if it's better to wait for lower mortgage rates? It's a question many homeowners are asking as they plan their next move. Here's some important information from the Ahern Real Estate Group to guide your decision.
Mortgage rates and buyer demand share a strong connection. Typically, higher rates can decrease buyer interest since some potential buyers may hesitate to commit to higher mortgage payments on a new home. As a result, they may choose to postpone their plans.
However, when mortgage rates start to decline, the market transforms. Buyer demand surges as those who had been waiting decide it's time to make their move. This shift can impact your selling experience and the local Danville and East Bay housing markets.
As Lisa Sturtevant, Chief Economist for Bright MLS, notes, the higher rates we see now are likely causing more prospective buyers to sit out of the market and wait for rates to drop.
Why You Might Not Want to Wait
If you’re considering whether to wait for lower mortgage rates before selling your home in Danville or the East Bay, think about the following. Experts forecast that rates will drop later this year, which could bring more buyers back into the market. This could lead to increased competition for your next home purchase.
Higher demand may result in multiple offer scenarios and quicker price increases, making your move potentially more challenging.
On the other hand, selling your home now with the help of the Ahern Real Estate Group could give you a head start. By taking action before competition intensifies, you could find the process smoother and less stressful.
Bottom Line
When weighing your decision on whether to sell now or wait for lower mortgage rates, remember the impact of rising buyer demand. Selling before rates decrease could position you more favorably in the Danville and East Bay markets. If you’re ready to discuss your options and explore your next steps, let's connect with the Ahern Real Estate Group!
Source: www.simplifyingthemarket.com
