Aerial view of Newport Beach Harbor in California

Source: Realtor.com

With the spring housing market approaching, homebuyers are wondering about interest rates. They’re right to be concerned.

In October 2023, rates hit a 23-year high of 7.79% for a 30-year fixed loan. Thankfully, they’ve been dropping to the high 6% range.

But with falling rates, what happens next?

Lower Rates Coming, But Gradually – While rates have been dropping, they’re still way above early 2022’s lows (around 3%). Experts predict they’ll dip further, but gradually. Don’t expect a sudden drop!

Homes Won’t Become Dramatically Cheaper – Dropping rates make homes more affordable, but don’t expect a miracle. While prices might decrease slightly, they likely won’t plummet. However, the good news is they won’t skyrocket either.

Get Ready for More Competition – The bad news: lower rates attract more buyers, potentially driving prices up due to limited inventory and bidding wars.

Expect Multiple Offers + Strategic Moves – Buyers might need to be flexible, submitting multiple offers. They may also need to make concessions like waiving appraisals or offering over asking price.

More Homes Might Hit the Market – Lower rates could incentivize some homeowners to sell, potentially increasing available homes.

Pre-Approval is Key – Get pre-approved early to be ready when your dream home hits the market.

Trading One Challenge for Another – Lower rates come with more competition, making the buying process potentially more stressful.

Buy Now or Refinance Later? – While higher rates are less desirable, waiting might lead to facing even fiercer competition and the need for risky tactics like waiving inspections. You can always refinance later, though it comes with additional costs.

In conclusion, don’t wait for perfect conditions if you find a home you love! The market is unpredictable, so act strategically. Consider factors like finances and personal circumstances. Ready to navigate this dynamic market with a trusted partner by your side?

Contact Jacqueline Thompson for more information Today! (949) 326-3392.

Be sure to check out our Instagram @JacquelineThompsonGroup and like + follow us on Facebook Jacqueline Thompson Group.

View our Exclusive Listings >> here

Newport Coast Real Estate Listings

Sort by:
12 Via Giada, Newport Coast

$10,800,000

12 Via Giada, Newport Coast

4 Beds 5 Baths 5,118 SqFt Residential MLS® # OC24051113

Listing Agent and Office : Ke Xiao Harvest Realty Development

New
7 Rochelle, Newport Coast

$22,500

7 Rochelle, Newport Coast

4 Beds 4 Baths 3,787 SqFt Residential Lease MLS® # NP24105303

Listing Agent and Office : Shiva Ommi Shiva Ommi

New
18 Twilight, Newport Coast

$29,995

18 Twilight, Newport Coast

4 Beds 5 Baths 3,800 SqFt Residential Lease MLS® # OC24100858

Listing Agent and Office : Alston Wong Compass

New
34 Surfspray, Newport Coast

$21,500

34 Surfspray, Newport Coast

4 Beds 5 Baths 3,356 SqFt Residential Lease MLS® # OC24105142

Listing Agent and Office : John Cain Pacific Sotheby's Int'l Realty

New
18 Canyon Rim, Newport Coast

$55,000

18 Canyon Rim, Newport Coast

5 Beds 6 Baths 8,085 SqFt Residential Lease MLS® # TR24103672

Listing Agent and Office : Jie Yan McSen Realty

New
40 Anjou, Newport Coast

$5,500

40 Anjou, Newport Coast

2 Beds 3 Baths 1,355 SqFt Residential Lease MLS® # NP24102551

Listing Agent and Office : Mike Tashman Surterre Properties Inc.

24 Tide Watch, Newport Coast

$16,875,000

24 Tide Watch, Newport Coast

6 Beds 8 Baths 7,448 SqFt Residential MLS® # LG23230334

Listing Agent and Office : Meital Taub Livel Real Estate

15 Renata, Newport Coast

$17,000

15 Renata, Newport Coast

5 Beds 3 Baths 2,784 SqFt Residential Lease MLS® # OC24100834

Listing Agent and Office : Ronnie Hackett Berkshire Hathaway HomeService

32 Bargemon, Newport Coast

$5,850,000

32 Bargemon, Newport Coast

4 Beds 5 Baths 3,000 SqFt Residential MLS® # OC24099813

Listing Agent and Office : Michael Franco Christie's International

8 Riez, Newport Coast

$20,000

8 Riez, Newport Coast

4 Beds 4 Baths 3,414 SqFt Residential Lease MLS® # OC24098434

Listing Agent and Office : Paul Daftarian Luxe Real Estate

11 Highpoint, Newport Coast

$20,000

11 Highpoint, Newport Coast

4 Beds 5 Baths 4,331 SqFt Residential Lease MLS® # OC24098758

Listing Agent and Office : Natalie Boyle Verso Homes

64 Archipelago Drive, Newport Coast

$24,995

64 Archipelago Drive, Newport Coast

4 Beds 5 Baths 4,000 SqFt Residential Lease MLS® # OC24098508

Listing Agent and Office : Darleen Centala First Team Real Estate

Posted by Jacqueline Thompson on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.