Shark and realtor Barbara Corcoran said:
"If interest rates come down another point by year-end, everybody and their mother and their in-laws are going to look for a new house, and the competition's gonna be so fierce that house prices will have to go up."
Maybe....but I sincerely doubt that there will be an immediate change. While lower interest rates will be more enticing and affordable to buy a home, many people are hurting now and having the money in the future might not be easily come by. On the other hand, my husband and I have definitely been waiting out the market to buy until rates go down and, according to Barbara, that's only going to drive up the price of homes....which have already sky rocketed since the pandemic. And then it won't matter what the interest rate is because you can't refinance the price of the home.
Which do you think is better? Buy now and refinance later or wait? Here is a link to the article.
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