How brokers can survive and thrive in a brutal market
Interest rates not the be-all and end-all, broker argues
It’s also worth emphasizing, he said, that rate movement isn’t a huge consideration for many buyers who are set on a move. Shraybman highlighted his own experience purchasing his current home three years ago at a 7% interest rate, when the objective of purchasing a property far outweighed the question of whether the rate began with a six- or seven-handle.
“The interest rates were never a thought in my head,” he said. “I was more concerned with the affordability factor, but the affordability factor for me was in regards to the price – because the price is the one thing that you can control.”
Buyers who can currently afford a home but are on the fence about whether to wait for a potential rate drop, he said, could have an opening now that might not be there when the market swings. “A buyer definitely has an advantage of being able to put in offers in their favor – maybe a little bit lower price, maybe asking for some seller concessions,” he said.
That’s a big contrast to the COVID-era market, when it was common across many regions for bidders to submit multiple offers on different properties, competing against cash buyers and aggressive overbidding, before finally securing a deal.
