\n<\/p>
If you\u2019ve got a move<\/a> on your mind, you may be wondering whether you should wait to sell until mortgage rates<\/a> come down before you spring into action. Here\u2019s some information that could help answer that question for you.<\/p>\n In the housing market, there\u2019s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you\u2019ll see lower buyer demand. That\u2019s 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 plans on hold.<\/p>\n But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That\u2019s 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. The graph below<\/a> helps give you a visual of how this relationship works and where we are today:<\/p>\n \u00a0<\/p>\n <\/p>\n As Lisa Sturtevant, Chief Economist for Bright MLS<\/em>, explains<\/a>:<\/p>\n \u201cThe higher rates we\u2019re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.\u201d<\/em><\/p>\n If you\u2019re asking yourself: what does this mean for my move<\/a>? Here\u2019s the golden nugget. According to experts, mortgage rates are still projected to come down<\/a> this year, just a bit later than they originally thought.\u00a0<\/p>\n When rates come down, more people are going to get back into the market. And that means you\u2019ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.<\/p>\nWhy You Might Not Want To Wait<\/strong><\/h1>\n