Bargain Hunting With Rates Above 7%

With mortgage rates still above 7%, many buyers are understandably weighing their options—and as someone who has guided clients through decades of shifting markets, I know how important it is to stay prepared. Recent data suggests that planning ahead pays off: building in a rate cushion of half a percent over the next 3 months, three-quarters in 6 months, and a full point within a year can help you navigate these changes with confidence. What I’ve often seen, especially for those who buy later in the year, is an opportunity to gain some leverage—homes tend to be about 5% less expensive in early Q4 compared to late Q2, and there’s often less competition and more time for negotiation. Last month, with about a 5-month supply of homes on the market, buyers had real bargaining power—whether it was on price, closing costs, discount points, or temporary rate buydowns. Even as the market watches for further moves from the Fed and higher borrowing costs, the long-term goal remains steady: cooler inflation, and, hopefully, some relief on mortgage rates. Integrity and informed strategy are always the foundation of my approach to helping clients navigate these moments.