Clark County Homebuyers: Should You Buy Now or Wait for Lower Rates?

Are you putting your plans on hold, hoping mortgage rates will drop? The number one concern we hear from buyers across Clark County and Southwest Washington right now is:

“We’re just waiting for rates to come down.”

On the surface, that sounds like a smart move. But what actually happens when rates finally fall? Here’s why you may want to rethink your strategy before everyone else jumps back into the market.

What Happens When Rates Drop?

When interest rates decrease, buyers flood back into the market, often all at once. If you were shopping for homes in Vancouver, Camas, or Ridgefield back in 2020 or 2021, you probably remember how wild things got:

● Multiple bidding wars on almost every property

● Buyers waiving inspections and paying above asking price

● Few, if any, seller concessions

● Appraisal gaps (buyers covering the difference when a home appraises low)

This results in less negotiating power, more competition, and higher sale prices.

Why Today’s Market Offers Unique Opportunities

Rates are causing issues for a lot of people. But if you can afford to buy right now, this is your opportunity to get a deal.

There is less competition for the best homes for sale in Vancouver, WA, and the surrounding areas, which provides buyers with more room to negotiate on price. Additionally, sellers are often willing to pay concessions, which are funds you can use to temporarily or permanently buy down your interest rate.

Timing is everything in real estate. Those opportunities disappear as soon as rates go down and all the buyers get off the fence.

Should You Buy Now or Wait in Clark County?

It’s tempting to wait, thinking you’ll save money if your rate is lower. But history shows us the opposite:

• Homebuyers who wait often end up paying more due to increased competition and higher home prices.
• In hot markets like Clark County, we’ve seen buyers offer tens of thousands over asking sometimes with creative perks just to win the bid.

If you’re able to buy now, this is your window to get a great deal and more flexible terms. When rates drop, expect multiple offers and fewer opportunities for negotiations.

I had a client who put a house on the market, and they were even offered like $50,000 over the list price, plus a two-week stay at these people’s villa in France. People were pulling out all the stops to try to get a house in 2021.

Though the rates do seem higher and might cause affordability issues, if you can afford it, now is your time while everyone else is waiting to jump in and snag a great deal, and then refinance down the road. Or, as I said, use seller-paid concessions to get your rate down into the five percent.

If you’re ready to chat or have questions about real estate, schedule a consultation with me or one of our expert agents. Reach out anytime at (360) 800-1334 or send an email to jacqueline@evergreenrealestatepartners.com. We’re here to help you make the smartest move for your future.

Successfully selling your home starts with pricing it right. Today’s buyers are smart and if they see that your home is overpriced, you risk receiving low offers or worse, your listing goes stale. To guide you through pricing your home accurately, check out our post: Pricing Mistakes Clark County Sellers Make and How to Avoid Them

By Evergreen Real Estate Partners – Trusted real estate experts in Clark County and Southwest Washington