WHERE ARE INTEREST RATES GOING?

I hear this all the time from buyers on Florida’s Space Coast:

“I’m waiting for mortgage rates to come down before I buy.”

Okay…but how’s that working out?

Rates move up. Rates move down. Where will they be six months from now? If I knew that, I wouldn’t be selling real estate. I’d be sitting on a beach checking my investment account!

Here’s what I DO know.

While you’re waiting for the “perfect” interest rate, you may still be paying rent, home prices could change, and the house you love today could belong to someone else tomorrow.

And here’s something buyers sometimes overlook:

If mortgage rates drop after you purchase, you may have the opportunity to refinance.

But if the home you could have purchased today costs more six months from now, there’s no refinancing THAT.

Instead of trying to perfectly time the real estate market, ask a better question:

“Can I comfortably afford the right home today?”

If you’re considering buying a home in Brevard County, Cocoa Beach, Melbourne, Viera, Merritt Island, or anywhere on Florida’s Space Coast, let’s run the numbers and see what makes sense for you.

I’m Lee Romano, your Realtor on Florida’s Space Coast.