Should you buy now, or wait for a better rate?

Short Video: https://www.youtube.com/watch?v=0F2Etz-rwYc​

Many buyers and sellers are waiting for rates to drop before entering or re-entering the housing market. Some buyers may not qualify and need to wait. If you are pre-approved and can afford to purchase now, there are some great advantages to acting now, and refinancing later. 
Homes for sale are typically sitting on the market longer. Buyers have an advantage and may be able to purchase a home with better price, terms or lender incentives paid for by the Seller. With fewer buyers, seller's are more willing to work with and negotiate to get their house sold. This is a great advantage to buyers right now.
The US is about to have the most 34 year olds in its history. This is significant because the average age of the first time home buyer is 34 years old. A larger pool of buyers is about to enter the housing market, and that demand will increase for the next several years. At the same time, nationally, the number of new homes being built is at the lowest it's been in decades. Demand is increasing and supply is decreasing. While the spike in home prices may be going through a correction, the laws of supply and demand will protect home values from dropping significantly. Here in northern Colorado, home prices will continue on an upward trajectory (although that correction I mentioned is still happening).
When rates do drop, we expect a surge in the market, as those waiting for some movement in the right direction to push them back into action. When that happens, we may see a return to a strong seller's market. We may not see the extremes we saw at 2 and 3% mortgage rates but buyers can expect much more competition. Buyers may be faced with overbidding, losing some of their protections, and multiple efforts to get into a home. 
I hope this short video provides some more insights and direction. If you can afford to purchase a home now, there are great advantages to buying now, and refinancing later.
If you are considering a purchase or sale, please contact me. I'd love to help.
Thanks for reading and I hope you enjoy the video.
Georgi Grover, RE/MAX Alliance
(970) 670-0246
​www.youtube.com/watch?v=0F2Etz-rwYc