Congrats Lexi and Bailey…and A Little Real Estate Update

Today is the first Wednesday after Lexi & Bailey’s wedding! I want to share how excited we are to bring our new son-in-law into the family. Their wedding will forever be one of the most beautiful days/experiences I’ve ever participated in. Congratulations to the newlyweds!

When it comes to real estate, there is an article I want to talk about today. Lori here at the office found it and sent it over to me. The article was an interview that reiterates a point we have been talking about for quite some time. It fits into this idea that no one is in love with current mortgage rates and housing prices. None of us knows what the “norm” is.

What the article is emphasizing aligns with what we have been talking about all along: at some point, the rates are going to come down. When they do, the lower rates will drive real estate prices higher. There’s almost no other possibility.

Are You Sitting on the Sidelines?

We are seeing a lot of people sitting on the sidelines right now waiting for rates to come down. What will happen? Rates will come down, and then all of these people are going to jump into the market. When that happens, supply and demand kicks in and drives prices even higher.

I know I’ve said this before, but maybe it adds a bit of credibility that the message is also coming from another pro in the industry.

Waiting around and hoping that prices will come down: this scenario is hard for me to envision. Of course, we are reaching the end of summer, which means we are past the busiest season in the real estate industry. We would expect things to settle down as we are going into the end of the year.

I don’t know when rates will come down… but regardless of when rates drop, it means we will have a wild end of the year or beginning of 2024 (depending on the timing).

Don’t Wait to Buy a Home

Time will tell. None of us have a crystal ball. But if you are sitting on the sidelines, then it’s possible that waiting will cost you more money down the road – I’m confident that prices are going to increase as rates come down.

As always, my team is here to answer your questions about financing and buying a home. Reach out any time for personalized recommendations.