"It’s the 'New Normal,'" their broker explained. "Inventory is tight because homeowners who locked in those 3% rates don't want to sell and lose them. We call it the 'Lock-in Effect.' The Strategy: "Marry the House, Date the Rate"
As of mid-2024, mortgage rates have stabilized in the 6% to 7% range. While that is double the rates of three years ago, it is significantly lower than the peak of 8% seen in late 2023. This "Goldilocks" situation—neither crash nor boom—has created a unique window. Home Sweet Loan -2024-
In late autumn, they found it: a modest three-bedroom with a drafty kitchen but a solid foundation. They didn't win a bidding war; they won because they were the only ones willing to accept the "as-is" condition and offer a flexible closing date that suited the seller’s timeline. "It’s the 'New Normal,'" their broker explained
This creates a unique paradox:
Perhaps the most defining trend of 2024 is the resurgence of the . In a high-rate environment, sellers are struggling to attract buyers. This has flipped the leverage dynamic. While that is double the rates of three