The cost of waiting…

Every few years, buyers say the same thing: “We’re just going to wait until rates drop.”  It sounds logical. It feels responsible. It also might be the most expensive decision you can make. Let’s zoom out.

A Little Perspective

In 1971: The average mortgage rate: 7.5%, Average home price: $28,700.00

By 1979, rates were over 11%,  In October 1981, they peaked at 18.63%

If someone decided in 1971 to wait for rates to “come down,” they would have waited 22 years before rates returned to similar levels.

During that same time?  Home prices rose over 400%.

By 1991, the average home price had climbed to $197,300.00

Now fast forward to today: Average home price: $430,300.00 Interest rates: hovering around 6%

Let that sink in.  It’s time!