With mortgage rates climbing above 7%, many D.C.-area homebuyers find themselves reassessing their game plan as they search for a new home. In some cases, buyers are scaling back their budgets and taking longer to decide whether to bid on a home.
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“The biggest change is buyers are very, very, cautious,” said Yannick Ince, a D.C.-area real estate agent with Compass Real Estate.
He said buyers are still actively looking at homes, but many are less willing to compete for them than they were during the height of the seller’s market.
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At the same time, Ince said that while there is a fair amount of homes for sale, some homeowners who locked in historically low mortgage rates are reluctant to sell unless they have a good reason to move.
“Because a lot of homebuyers have secured record low interest rates, they’re definitely not moving just to move,” Ince said.
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For some of his buyers, the rising rates have caused them to adjust the price they’re willing to spend on a home.
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“Maybe you have a buyer who was pre-approved for up to $800,000. Maybe we’re starting to look, you know, just above $700,000,” Ince said.
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While higher rates have had an impact on affordability, Ince said buyers may have advantages they didn’t have when mortgage rates were lower.
“We’re starting to see buyers are negotiating under the asking price, and we’re starting to see better terms for buyers, such as seller concessions,” he said.
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Buyers are still searching for and buying homes, but Ince said some properties are staying on the market longer than they might have a few years ago.
“We’re starting to see rising in days on market with the hesitation that the consumer has, so I think that’s the biggest change,” he said.
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Ince said first-time buyers are getting hit the hardest by higher mortgage rates and steadily rising home prices, making it much tougher to afford a home.
But he said many buyers are finding ways to make it work, including getting help from family members with down payments or looking for homes that can accommodate multiple generations under one roof.
While higher rates are creating challenges, Ince said buyers still have options, from alternative loan products to seller incentives that can help lower borrowing costs.
Ince said another positive for buyers is that the market is beginning to move away from the intense seller’s market that dominated over the past a few years.
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“I think we’re shifting a little bit out of the traditional seller’s market homes going and with multiple offers, so I think you’re starting to see a little bit of course correction there, where I think buyers now have the upper hand in a lot of the local markets,” he said.
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