If you’ve been thinking about buying a home on Staten Island, or elsewhere in the nation, mortgage rates are probably at the top of your mind. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may have been the case for you, too.

Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):

David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”

That’s because mortgage rates have come down off their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation gets under control. Experts even say we could see rates below 6% by the end of 2024. And that threshold would be a gamechanger for a lot of buyers. As a recent article from Realtor.com says:

“Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.”

While mortgage rates are nearly impossible to forecast, the optimism from the experts should give you insight into what’s ahead. If your plans were delayed, there’s light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now, is this:

What number do I want to see rates hit before I’m ready to move?

The exact percentage where you feel comfortable kicking off your search again is personal. Maybe it’s 6.5%. Maybe it’s 6.25%. Or maybe it’s once they drop below 6%.

Once you have that number in mind, here’s what you do: Connect with a local real estate professional, a Realtor subscriber of the Staten Island Multiple Listing Service Inc. (#SIMLS). They’ll help you stay informed on what’s happening. And when rates hit your target, they’ll be the first to let you know.

Bottom Line

If you’ve postponed your plans to move because of high mortgage rates, think about a rate percentage that would make you ready to re-enter the housing market. Once you have that number in mind, connect with a Staten Island real estate professional to have an expert at your side throughout the homebuying process.

TIP: For the prime source of Staten Island home listings, local real estate market trends — and a directory of local Realtors – visit MLSsiny.com, the online home of the Staten Island MLS.

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The information contain­­ed, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) and/or the Staten Island Multiple Listing Service Inc. (SIMLS) are not intended to be construed as investment advice. SIBOR and SIMLS do 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. SIBOR and SIMLS will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.