Source: KSL —
Every aspiring homeowner in Utah is asking the same question: When will home prices drop?
Unfortunately, no one can predict exactly when that will happen or if it will happen. In the meantime, there’s perhaps a more important question homebuyers should be asking: What happens if you wait to buy a home?
While it’s tempting to wait for prices to cool down, there’s another risk that comes with putting off a purchasing decision. Bankrate reports that today’s interest rates remain low, but that “[m]any mortgage experts expect rates to climb above 3.5 percent by the end of 2021.”
So, what happens if interest rates rise as home prices go down? How do those numbers compare?