Southport Oak Island Realty Group, Inc

Wondering If You Should Wait for Mortgage Rates To Come Down Before You Move?

If you are thing about moving around Southport NC or Oak Island NC on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Below is some information that could help answer question for you.

In the North Carolina housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower North Carolina buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their Oak Island NC beach house plans on hold.

Historically, when rates start to come down, things change fast. It goes from limited or weak house buyer demand to good or strong house buyer demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen.  

As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait to Move to Oak Island NC

If you find that you are asking yourself: what does this mean for my move to Oak Island NC? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When mortgage rates come down, more people are going to jump back into the home buying market. That means you’ll have a lot more competition from other buyers when you go to purchase your next Oak Island NC home. That may make your move more stressful if you wait to buy or sell because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell your home now, it may be worth it to get ahead of that. You have the chance to move before the competition increases!

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand on Oak Island North Carolina. Once rates decline, competition will go up even more. If you want to get ahead of that and sell your house now, let’s chat!

Share the Post:
Picture of Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

Related Blogs

Homes & Real Estate

Get a Free

Home Assessment