The Time To Buy Is Now?

Housing costs are rising, and instead of waiting for another round of mortgage rate hikes, prospective purchasers may benefit from staying ahead of the curve. 

Despite early signs of a slowing housing market, the Federal Reserve isn’t backing down on interest rate hikes in its battle to tame inflation. With more gains predicted, buyers are already considering getting ahead of the curve now. Borrowing prices are growing, but active inventory is progressively dropping.
According to The Washington Post, new weekly listings have dropped dramatically since July and are now down 17.5% yearly.
Though budget-conscious purchasers may be hesitant to purchase when borrowing costs and home prices are at all-time highs, they risk facing an even greater affordability catastrophe if they wait. Furthermore, a lack of affordability dampens buyer competition, which means that for those who can afford for-sale list prices, now may be a great moment to buy.
Would-be homebuyers who have decided to wait for mortgage rates to fall so they can afford to jump back into the market should understand that doing so will not help. They will simply exchange their too-expensive financing problem for a bidding war pricing problem as the number of houses for sale shrinks. The best option for homebuyers now may be to accept higher mortgage rates and hope to refinance later.