One of the biggest misconceptions in home buying is focusing solely on interest rates. Here’s the truth: you only get one chance to lock in a lower home price. Interest rates, on the other hand, can always be improved through a refinance when they drop in the future. That’s why timing the price is far more critical than timing the rate.
Right now, we’re in a market where home prices are adjusting downward, with over 1 in 3 sellers reducing their asking prices. Combine that with recent dips in mortgage rates and exclusive programs like Fairway’s California Employee Loan Program (CELP), and today’s buyers have a rare opportunity to secure a home at a better price while setting themselves up to improve their rate later.
Why Focus on Price?
The price you pay for your home determines its value over time and directly impacts your equity. Here’s why acting now is a smart move:
- Price cuts are happening now: According to real estate expert Mike Simonsen, 33% of homes on the market have reduced their asking prices, giving buyers more leverage and better deals.
- Rates can be adjusted later: With mortgage rates already trending downward, many buyers will have the opportunity to refinance to a lower rate in the next couple of years, lowering their monthly payments over the long term.
Waiting for rates to drop further could mean missing out on today’s price reductions—and those reductions won’t come back once the market stabilizes.
An Even Bigger Advantage for Public Employees
Fairway’s California Employee Loan Program (CELP) gives city, county, and state employees an even greater advantage. This program offers exclusive rate reductions that can make a big difference in monthly affordability, giving public employees a competitive edge in today’s softer market.
The Current Market Opportunity
Right now, buyers have a unique chance to:
- Lock in a lower home price: Adjusting home prices make it easier to secure the property you want at a more affordable cost.
- Take advantage of rate reductions later: Buy now, then refinance when rates improve in the future.
- Stretch your budget further: Public employees using the CELP program can combine market opportunities with exclusive rate savings.
Bottom Line
In real estate, timing the price is the key to building equity and securing long-term value. With home prices adjusting, motivated sellers, and exclusive rate benefits for public employees, today’s market offers an incredible opportunity.
Don’t let the focus on rates stop you from making a move. The price is the one factor you can’t change, and now’s the time to lock it in while conditions are in your favor.
Have questions about today’s market or how to make the most of it? Let’s connect and explore how you can take advantage of this rare opportunity!
