The Shift is On
When interest rates spike over 3 points in under a year, what are home buyers and sellers supposed to do? That is some pretty tough terrain to push through. Before this post starts to sound like a blues song, I'll just state the counter-intuitive, with another song reference: Shake it off!
These "high" rates are normal when looked at through a 50-year lense. These home prices? Yep, they're high through ANY lense. But here's the thing: Home price cycles don't go up and down horizontally, they go up and down DIAGONALLY... I'll let a Keller Williams corporate executive, Jason Abrams, explain it.
The take-away? Other than that 2008 debacle, home prices moving forward are going to oscillate up and down diagonally UPWARDS. Waiting for anything else to happen is not the best idea. Rates will retreat, but it's all irrelevant if you aren't in a home in the first place. Refi when you can, but BE IN A HOME so that you have a starting point.