Now Is The Best Time To Buy??

Dated: October 20 2023

Views: 40

Say What?

Barbara Corcoran, "Shark Tank's" "Queen of New York's real estate scene", recently caused a buzz on Instagram. She boldly claimed that, despite interest rates hitting a 23-year high and homes being more expensive than ever, "This is the best time to buy a house." 

Actually, it's not that crazy. Here's what she said.

Barbara's statement comes with some "ifs," but there's some truth to it. Many economists believe that the Federal Reserve might have gone a bit too far, and in the coming year, interest rates could start heading down. The current high-interest rates have made it tough for the average buyer, either by reducing their borrowing capacity or pricing them out of the market entirely. If interest rates drop by 2% to 3%, we might see a flood of buyers returning to the market. But here's the catch: the housing supply isn't expected to see a sudden improvement, which could push prices up again.

So, if you're in a position to buy a home now and have a hunch that interest rates will fall, it might be a smart move. Buying now, with fewer competitors, and then refinancing when rates drop could be a savvy strategy. Because if rates do come down, we might be back in the era of intense bidding wars and skipping home inspections. Timing can be everything in real estate, so seize the opportunity while it's here.

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Rob LaBrecque

Since entering the real estate industry in 2016, I've received consistent recognition for outstanding performance, backed by over 20 years of sales and management experience, including roles at top co....

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