Derek McGowan breaks down what happens to the housing market when interest rates drop, including a surge in mortgage applications. He explains whether now is actually the right time to buy a house.
Have you heard about the recent rate cuts? If that's the case, you're not alone. Those headlines have been out for weeks now, and the whole entire country has heard about rate cuts. There's more people applying for home loans right now than any time in the last two years. So the secret's out. And that window of opportunity is starting to close in, which is something we've been talking about all year. There's more people buying houses, which means more competition, which means higher home prices in the near future. And if it wasn't going into the fall market, we'd be probably twice as busy right now. So I think the fall and winter, that's your window, as soon as it hits springtime and rates continue to drop, it's going to be a crazy buying frenzy, which we saw a few years ago. And home prices are up. So your best time to buy is now.
