Last week, Inman surveyed readers for their best responses to sellers when they say: “I want to wait for interest rates to drop.”
The obvious point to hit on is that interest rates are already very low. Readers offered a number of spins on this response. Others recommended rejoinders that could stir up some FOMO (fear of missing out) as well.
Here are some of our favorites. Be sure to only use those that you believe are accurate and that align with your values.
They’re already at historic lows
- They have already dropped from last year, and they are just as likely to rise as they are to drop from this point. Meanwhile, you could be building equity and enjoying the benefits of homeownership now.
- They could also continue to go up and never come back to the level they are at now.
- Interest rates are at a historic low and are most likely to start going back up. Money has never been cheaper.
- Do you believe interest rates will drop? (Because they might not.)
- You don’t know for sure they will! No one can predict interest rates with any degree of certainty.
Keep in mind that home prices also might keep rising
- Interest rates are at or near historic lows. If you wait for rates to fall, you might end up paying more as houses continue to appreciate.
Pull the FOMO switch
- Rates are already historically low, so when the right property or opportunity becomes available, don’t hesitate. Don’t get stuck thinking, “I should have bought it when I saw it!”
- There are no guarantees in the market. But you have to ask yourself: What opportunities might I miss out on by waiting?
- That’s like saying I’ll wait for gas to come down before I fill my tank. Waiting is for people who refuse to focus on their future. Real estate is the foundation for all wealth, but those who are wealthy don’t wait to be rich, they prepare to be rich by planning, executing and learning. You hired me to improve your future. So, help me to help you.
Editor’s note: These responses were given anonymously and therefore are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.