Real Estate Experts Advise Homebuyers: Act Now Despite Mortgage Rate Dip

In light of a recent slight decline in mortgage rates, real estate experts are urging potential homebuyers not to delay their purchases. They warn that waiting could lead to increased competition and soaring prices, especially if rates drop further.

This caution comes as the housing market continues to experience record price growth, bidding wars, and a shortage of inventory. Data from the National Association of Realtors shows that in January, the typical seller received 2.7 offers, with 16% of homes selling over the asking price.

While there has been a slight improvement in inventory, with new listings increasing by 3.8% in February, experts believe a significant recovery in inventory levels may take several years. Lawrence Yun, chief economist at the NAR, suggests that more people are adjusting to the new normal for mortgage rates, which are expected to remain between 6% and 7%.

Experts emphasize that “right now” is always the best time to buy and recommend taking proactive steps, such as writing personal letters to homeowners of desired properties. They highlight the importance of acting quickly in a competitive market to secure a home at the best possible price.