Rate Roadmap: Navigating the Mortgage Landscape for Your Next Move

If you've been considering purchasing a home, mortgage rates likely dominate your thoughts. In fact, they might even be the reason behind delaying your plans. Last year, when rates surged close to 8%, many potential buyers discovered that the figures no longer aligned with their budgetary constraints, prompting them to reevaluate their decisions. This could be a familiar scenario for you as well.

According to data from Bright MLS, the primary reason cited by buyers for postponing their relocation plans is the prevalence of high mortgage rates (refer to the graph below for details):

David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”

That’s because mortgage rates have come down off their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation gets under control. Experts even say we could see rates below 6% by the end of 2024. And that threshold would be a gamechanger for a lot of buyers. As a recent article from Realtor.com says:

Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.”

While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you insight into what’s ahead. If your plans were delayed, there’s light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now, is this:

What number do I want to see rates hit before I’m ready to move?

The exact percentage where you feel comfortable kicking off your search again is personal. Maybe it’s 6.5%. Maybe it’s 6.25%. Or maybe it’s once they drop below 6%.

Once you have that number in mind, here’s what you do. Connect with a local real estate professional. They’ll help you stay informed on what’s happening. And when rates hit your target, they’ll be the first to let you know. 

Bottom Line

If you’ve put your plans to move on hold because of where mortgage rates are, think about the number you want to see rates hit that would make you ready to re-enter the market.

 

Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.

115 Properties
Page 1 of 10
$1,050,000
Neighborhood: Baypointe Vista 1
3
Beds
3
Baths
2,100
Sq.Ft.
1997
Year Built
5
Days on Site
A4606868
MLS
$292,000
Neighborhood: Pine Run Ii
2
Beds
2
Baths
1,223
Sq.Ft.
1979
Year Built
6
Days on Site
A4606661
MLS
$585,000
Neighborhood: Sorrento Villas 1
2
Beds
2
Baths
1,411
Sq.Ft.
1967
Year Built
7
Days on Site
A4605847
MLS
$1,340,000
Neighborhood: Meridian At The Oaks Preserve
3
Beds
3
Baths
2,680
Sq.Ft.
2006
Year Built
7
Days on Site
A4604118
MLS
3
Beds
2
Baths
1,937
Sq.Ft.
2023
Year Built
8
Days on Site
A4606472
MLS
3
Beds
2
Baths
1,937
Sq.Ft.
2023
Year Built
8
Days on Site
A4606463
MLS
3
Beds
2F11/2
Baths
2,166
Sq.Ft.
2023
Year Built
8
Days on Site
A4606470
MLS
Open 4/19
140 N Casey Key Rd Osprey,  FL 34229
$3,400,000
Neighborhood: Acreage & Unrec
3
Beds
3F11/2
Baths
2,473
Sq.Ft.
1985
Year Built
13
Days on Site
T3505796
MLS
$965,000
Neighborhood: Southbay Yacht & Racquet Club
3
Beds
2
Baths
2,015
Sq.Ft.
1986
Year Built
15
Days on Site
A4605059
MLS
$720,000
Neighborhood: Bishopscourt Townhomes
2
Beds
2F11/2
Baths
1,890
Sq.Ft.
1984
Year Built
15
Days on Site
A4604767
MLS
$925,000
Neighborhood: Sorrento Shores
3
Beds
3
Baths
2,564
Sq.Ft.
1971
Year Built
15
Days on Site
A4593029
MLS
$235,000
Neighborhood: Osprey Park
2
Beds
1
Baths
630
Sq.Ft.
1950
Year Built
15
Days on Site
A4589305
MLS

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