If you’ve been considering purchasing a home, mortgage rates are likely a major concern for you. They might even be the reason behind your decision to postpone your plans. When rates surged close to 8% last year, many potential buyers found themselves reevaluating their budgets. Perhaps you're facing a similar situation.

According to data from Bright MLS, the primary reason buyers delayed their relocation plans was the high mortgage rates, as illustrated in the graph below.

David Childers, CEO at Keeping Current Matters, addresses this trend in a recent episode of the How’s The Market podcast:

"Seventy-five percent of buyers decided to step back due to mortgage rates. However, things are expected to change in 2024."

This shift is due to the decline in mortgage rates since their peak last October. Although day-to-day fluctuations persist, long-term projections indicate a continued decline throughout the year, contingent upon controlling inflation. Experts even suggest rates could dip below 6% by the end of 2024, which would significantly impact many buyers. As highlighted in a recent Realtor.com article:

"The desire to purchase a home remains strong, but many are awaiting a drop in mortgage rates to make it feasible. Forty percent of Americans planning to buy a home in the next 12 months would consider it viable if rates fell below 6%."

While predicting mortgage rates is challenging, the optimism from experts provides insight into the future. If your plans were deferred, there's renewed hope on the horizon, signaling it might be time to reconsider your move. The crucial question to ask yourself now is:

At what rate do I feel comfortable resuming my search?

The specific percentage that aligns with your comfort level is subjective. It could be 6.5%, 6.25%, or even below 6%.

Once you've identified that threshold, take the next step: reach out to a local real estate professional. They'll keep you updated on market trends, and when rates reach your target, you'll be the first to know.

In summary, if high mortgage rates have caused you to delay your plans, it's worth contemplating the rate that would prompt you to re-enter the market. Once you've determined that, let's connect, so you have a trusted advisor to guide you when the time comes.