We decided to lease and wait to buy when rates are lower. What do you think?

Hi William, we decided to stay in Brentwood and wait until next year to buy when rates are lower. What do you think?

Jenny J, Brentwood

Hi Jenny,

Here’s the problem … waiting for mortgage interest rates to come down is like waiting for home prices to go up. The demand feeds the pricing. I would prioritize what a healthy mortgage payment monthly is to you and your family and what you want your lifestyle to be and find a home regardless of the interest rates. Where do you want to live and love? Right now, quality properties are hitting the market and getting way less attention that they would have been getting 6 months ago. You could likely get the property for less than asking price if it’s been on the market for a bit. If rates really do come down and there are more buyers who come back to the market, you will have more competition and it will drive up the price. Right now, buyers have more power in the negotiation because there are less buyers to compete with. Don’t worry too much about the interest rate. We have some negotiation strategies that will overcome that obstacle. Also, refinancing when interest rates are lower is always a smart idea. Keep looking. You never know what is around the corner!