More Homes for Sale Isn’t a Warning Sign – It's Your Buying OpportunityMaybe you’ve heard that the number of homes for sale has reached a recent high. This might lead you to
What Mortgage Rate Do You Need To Move?
Dated: March 13 2024
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What Mortgage Rate Do You Need To Move?
If you’re considering buying a home, mortgage rates are probably your top priority. 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 be 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 from 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 game-changer 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. 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
Marcus Roth
Welcome to my world of real estate, where my passion for helping clients like you find their dream home or navigate successful selling is more than just a profession—it's my purpose. I'm Marcus ....
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Luzerne County Association of REALTORS® (LZCAOR) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than The Brokers Realty Group Limited may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.
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Susquehanna Valley Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be
