While it might be tempting to hold off on buying a property until a better deal arrives, there's no guarantee that mortgage rates will drop or that homes will become more affordable in 2024. My guess is that they won’t.

Mortgage rates are higher, but keep in mind that what goes up is going to come down — except the value of your property. It might correct itself a little bit, but in the long run, it’s going to continue to rise.

If you buy now, you can start building equity immediately. That’s true no matter which way the real estate market is leaning. A key point for today’s market, though, is that buying now means avoiding the potential for additional mortgage-rate increases and home value appreciation.

The potential benefits of purchasing a home now are lower home prices, more time to purchase, less chance of a bidding war, and you’re more likely to get seller concessions that we can use to reduce your interest rate and/or closing costs.

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