Some of the buyers I work with are still holding back, waiting on rates. I understand it, and I don’t argue with it. I ask questions instead, because the answers usually tell us more than any rate prediction could.
What do I ask buyers who want to wait?
Two questions:
- What do you think will happen when rates drop?
- When do you think that will be?
Thinking through those answers helps buyers decide whether waiting is a strategy or just a pause.
What else should a buyer consider before waiting?
Timeline, and what’s really causing the hesitation. Sometimes it’s worry about a job or a possible transfer. Those are real concerns, and they often matter more than the rate itself.
Should you rent or buy?
My general rule is five years. If you don’t expect to still be in Colorado Springs in five years, continuing to rent may make more sense, unless you plan to keep the home as an investment property when you move.
Do buyers have leverage right now?
From what I’m seeing, yes. With more inventory, more seller anxiety, and concessions common, many buyers are getting sellers to cover closing costs or help fund a rate buydown. This year, 21 of my 23 buyers received seller concessions, totaling $374,913.
Is waiting ever the right choice?
Yes. Waiting can be the right call. It just should be a decision you’ve thought through, not something you do by default.
Frequently Asked Questions
Is it a good time to buy a home in El Paso County?
It depends on your timeline and goals. Buyers have more negotiating room right now than they’ve had in years.
What is the five-year rule for buying a home?
If you don’t expect to stay at least five years, renting may make more sense, unless you plan to keep the home as an investment.
Can a seller help pay for a rate buydown?
In many cases, sellers are contributing concessions that buyers use toward costs. Your lender can explain your options.
