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Drive into the "valley of plenty," via Highway 16's Freeze-out Hill and you’ll see orchards and fields stretched out before stark foothills where a century ago outlaws found refuge. Head on into Emmett and you’ll soon feel that legendary small-town serenity. New housing developments are nearly hidden in the rolling hills surrounding town.

This is a place where big city life meets small town quiet living, and we like it just fine...
From the tree-shaded park across from the railroad depot to the drive-in café where neighbors meet over a flavored soda, Emmett is a town linked to its past but poised for the future. We invite you to get to know our town, and look around the rest of the Treasure Valley as well - we can show you some of the best homes and properties available and have the experience you'll want when the time comes to make the move.

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EVANS REALTY LLC Blog

Should I Wait for Mortgage Rates To Come Down Before I Move?

Should I Wait for Mortgage Rates To Come Down Before I Move?

April 16, 2024

For SellersMortgage RatesSelling Tips

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

 No Caption Received

 

As Lisa Sturtevant, Chief Economist for Bright MLSexplains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

Bottom Line

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, let’s chat.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.



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WHERE WE SERVE
Emmett, Idaho is located in western Idaho and in Gem County. It is less than 30 miles from the state capital of Boise. Originally named after the son of postmaster Thomas Cahalan, Emmett serves as the county seat and has a resident population of about 5,500 in the city and 18,500 in the county. Our main communities are Sweet, Ola, Letha, and Emmett. This area has a rich history in agriculture and is home to some of the finest fruit orchards in the Northwest.


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WHO WE ARE

Evans Realty was established in 1985. Our original Emmett office location has housed a real estate office since the 1940's. With generations of real estate agents and brokers, we are a landmark within our community, attracting buyers and sellers of all types, within our community, as well as visitors just passing through.


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WHAT WE DO

With the ever changing real estate market, our knowledgeable agents specialize in everything from first time home buyers, farms & ranches, and commercial properties, to auction and bank owned properties, and HUD homes. We combine exceptional customer service, and cutting edge technology with downhome ethics to ease our clients through the purchase and sale process.



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