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Timing Your Home Purchase January 2024

If you think interest rates will fall in 2024, as I do, you really should not be waiting for rates to fall before purchasing your home. This is because once rates do fall, the demand for homes will rise faster than the available homes for sale rises. This creates an unfavorable environment in which to purchase. Lower rates and higher competition will cause home prices to rise, possibly to irrational levels. I expect a return of an unbalanced seller’s market with conditions like those seen in 2021.


The best strategy for someone looking to purchase is to buy soon, while interest rates are putting downward pressure on prices and keeping competitive buyers on the sidelines. Get into your home, then refinance when rates drop in the fall of 2024. This way you get the home you want and a rate you want eventually. This is a two-step process.


My recommendation is to be strategic in your thinking and act now while balance remains between buyers and sellers.

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