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When mortgage rates dropped to record lows back in July, it seemed like a prime opportunity for buyers. Then, in September, rates got even lower. In fact, for several months, it’s been a great time to buy a home from an interest rate perspective. But only 54% of buyers think now’s a good time to move forward with a home purchase, according to a new Fannie Mae survey. The question is: Are buyers being overly pessimistic, or might they indeed be better off waiting?
Why now’s not the best time to buy
The housing market has been grappling with limited inventory this year, and that’s meant supply is lower than demand. The result? Homes are far more expensive now than they were a year ago. In fact, home values are up 6% from the previous year, according to data firm CoreLogic, and many buyers face bidding