Wharton Business Daily
Prospective Homebuyers: Is It Better to Wait out High Interest Rates or Reset Expectations?
Oct 31, 2023
Isabel Barrow, Director of Financial Planning at Edelman Financial Engines, discusses the impact of high interest rates on prospective homebuyers. Topics include waiting for lower rates, buying houses needing repairs, refinancing options, challenges faced by homebuyers, and using home equity for renovations.
13:42
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Quick takeaways
- The housing market is facing challenges with high mortgage rates and limited inventory, making it difficult for buyers, especially first-time buyers and job changers.
- Mortgage rates may fluctuate in the future, and prospective buyers should consider refinancing and adjusting their expectations to overcome high rates and avoid financial strain.
Deep dives
Challenges in the Housing Market
The housing market is currently experiencing challenges, with sellers hesitant to sell due to high mortgage rates and potential higher payments even if downsizing. Limited inventory has resulted in higher prices and a difficult market for buyers, especially first-time buyers and those looking to move due to job changes. The housing sector may continue to struggle well into 2024.
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