Should You Buy a Home Now or Wait for Lower Rates?

By Jeff Burke

We bring professionalism, a high level of communication, negotiation, and execution to all our clients. We serve the greater Lansing and Grand Rapids- West MI area, where we are committed to protecting our client’s best interest and giving that 5-star experience!

Is waiting for lower rates worth it? With interest rates higher than a few years ago and social media full of housing crash predictions, most believe that waiting might be the safer choice. But what people don’t realize is that waiting to buy can come with hidden costs, especially if you’re renting or hoping to find the perfect time.

Waiting could cost you more than moving forward now. If you’re renting, you’re already paying 100% interest. You’re helping someone else build equity while you cover their mortgage. Yes, today’s rates are higher than the record lows during the pandemic, but they’re not historically high. You can refinance at a higher rate later, but you can’t go back in time and buy the home you missed.

When rates drop, buyer competition increases. A lot of buyers plan to wait for lower rates. But when that happens, more people jump into the market. That $350,000 home you watch today could spark a bidding war tomorrow. Demand surges, and prices often rise with it. Despite what some headlines suggest, we’re not seeing a crash. In many areas, prices are stabilizing, not falling.

“With the right strategy and a trusted agent by your side, you can make a smart move in any market.”

Focus on your timeline, not the headlines. This isn’t about trying to time the market perfectly; it’s about your life. Are you tired of paying rent? Need more space? Want to build wealth for the future? If any of that sounds like you, then waiting may not be your best move. The right time to buy is when it aligns with your personal goals, not when someone online says the market is perfect.

The market will always shift. But with the right strategy and a trusted agent by your side, you can make a smart move in any market. If you’re thinking about buying but aren’t sure where to start, let’s talk. I’ll help you understand your options and create a plan that works for your situation.

Call me at 517-853-6385 or email jeff@jeffburkeassociates.com to schedule a conversation. Let’s find the right home, build the right plan, and help you take the next step with confidence.