Opportunity Time

Expect mortgage rates to be up to 7% for a conforming mortgage by April. How will that affect the market?

There is a "sweet spot" to smart buying in an adjusting market. This is how it looks.

The intersection of lots of inventory (available houses) and the cost of money rising (mortgage rates). Are we there now? If not, when?

Sidebar: Always buy when the weather is terrible for two reasons:
1. You see the property at its worst - light, water tightness and drainage, mold or musty smells.
2. Fewer buyers are buying - they have hunkered down for the holidays or just for winter. Fewer people want to even get out of their warm and dry cars to look at property in bad weather. Sellers who have to sell (transfers, bought another, can't afford the mortgage because of adjustable rates) sell in any weather.

Always buy when mortgage rates are in the middle of their rise in an adjusting market - if possible. When is that? Now! The Feds have indicated that their activities will pause if not cease at the Spring levels - but now, money is much cheaper, loans are abundant.
In 2005, the Feds raised the overnight rate 8 times, but only the last 4 had an impact on the long term borrowing rates.

Go out on a rainy, dark and cold day to look at Open Houses. Work with eager and creative agents. Sellers and their agents will be glad to see you and your offer - Finally!