Don’t Wait to Buy — Buy Before the Crowd Comes Back

It’s tempting to sit on the sidelines and wait for mortgage rates to drop. After all, a lower rate means a lower monthly payment, right?

Not exactly. If you wait, you might win on interest—but lose on everything else. Here’s why acting sooner could save you thousands and put you ahead of the competition.

1. Competition Will Explode Once Rates Drop

When interest rates fall, more buyers flood the market. That means multiple-offer situations, bidding wars, and homes selling above asking price.

We saw this in 2020–2022, when buyers in Utah often had to pay well over list price just to secure a home. By acting now, before the next wave of buyers enters, you can negotiate from a stronger position.

2. Sellers Are More Flexible Today

Right now, buyers are seeing:

• Seller-paid closing costs

• Interest rate buydowns

• Price reductions on homes sitting longer than expected

These incentives won’t last. Once demand spikes, sellers won’t need to offer concessions—and you’ll be competing against multiple buyers again.

3. Home Prices Are Already Trending Up

Mortgage rates may fluctuate, but long-term home values in Southern Utah are moving higher. For example, in the St. George area, average home prices are up nearly 6% compared to last year.

Waiting for rates to drop could mean paying a higher purchase price later, even if your monthly payment is slightly lower.

4. You Can Always Refinance Later

The old saying goes: “Marry the house, date the rate.”

If you find the right home today, you can lock in the property and refinance down the road when rates improve. Meanwhile, you’re building equity instead of renting or waiting.

Many lenders in Utah are even offering no-cost refinance programs, allowing you to refinance for free when rates come down.

5. Today’s Buyers Have More Choices

Inventory is higher now than it was during the peak buying frenzy. That means more homes to choose from, less pressure, and a greater chance of finding your perfect fit.

For buyers in St. George, Washington, and Hurricane, this window of increased options is a rare opportunity that may not last long.

Real Buyer Example

One of my recent clients was considering waiting for rates to drop. Instead, she purchased a home in Washington City this summer. The seller offered to pay $10,000 toward closing costs and agreed to a price reduction.

Had she waited, not only would she risk losing that home, but she might also face higher competition and no concessions. By moving forward, she built equity immediately and positioned herself to refinance later.

Frequently Asked Questions

Should I wait until rates drop?

You could—but by the time rates drop, prices may be higher, sellers will stop offering concessions, and you’ll be competing against a crowd of buyers.

What if home prices fall?

Prices may adjust in certain segments, but overall, Southern Utah real estate trends show long-term growth. Even during temporary dips, demand in our area stays strong thanks to population growth and limited land.

Can I refinance later if rates improve?

Yes. Most buyers plan to refinance within the next 1–3 years. Think of your current mortgage as a short-term strategy while you secure today’s price and incentives.

What if I can’t find the perfect home right now?

More inventory on the market means you have choices. This is one of the best times in recent years to shop without feeling rushed.

The Bottom Line

If you’re serious about owning a home, waiting could cost you more than acting now. By purchasing before rates drop, you lock in today’s prices, take advantage of seller incentives, and set yourself up to refinance later.

📲 Ready to explore your options? Contact me today and let’s find the right home before the crowd comes back.

✅ Let’s Find a Deal While There’s Still Room to Negotiate

📲 Call/Text 435-327-5545 or start your search at TreasuredProperties.com