If I didn’t buy when rates were lower, did I miss my chance?
“If I didn’t buy a house when the rates were lower, did I miss my chance?” The answer to that question depends on what you consider a “chance.” Some buyers only want to get a loan at the lowest interest rate possible. “When the money is cheap, that’s the time to get it,” is the thinking.
Now that the money is more expensive to get, many are sitting on the sidelines. But what is a missed opportunity to some, may be an opportunity to others.
If a house was listed at $350,000 in the year 2020 or 2021, when the average 30-year mortgage rates were closer to 3% or 4%, that could also mean that the demand was higher.
In terms of “supply and demand” – whenever the demand goes up for one house, the price of it will go up, too. So, if four people wanted that house in 2021, when they all had lower interest rate quotes from their lenders, then that house may have gotten bid up to closer to $400,000.
