In the Real Estate Industry there is a saying we use, “You Marry the House but you Date the Loan”.

The Northern Nevada home market was predicted to crash by so called “Experts”.   They were completely off base. Home prices went up 5.1% in the first half of 2023.  Local interest rates have been holding between 6% and 6.5%, many buyers are getting concessions paid by the sellers to buy down their interest rate one to two percent.  Others are getting adjustable-rate mortgages such as a 5.25%, 10-year loan.  There are so many options to choose from as the Mortgage companies get creative to help buyers purchase their home.  My prediction is that rates will come down to 4.5% in the next 18 months.  Then the Loan you’re “Dating” can be refinanced!

When Rates do come down and they will, the dam will break with an incredible number of buyers coming out to buy homes.  This will drive prices up due to the lack of inventory.  So, Marry the Home you want NOW.   Then stop ‘dating’ your current loan and get a NEW loan at a much lower interest rate at that time.  This way you won’t get caught up in the upcoming buying frenzy.