Waiting for Rates to Drop? Here’s What Buyers in Hampton Roads Should Actually Know
If you’ve been thinking about buying a home, chances are you’ve said (or thought):
“We’re just waiting for rates to drop.”
That’s completely understandable. Interest rates affect monthly payments, and no one wants to feel like they’re buying at the “wrong” time.
But here’s what I’m seeing on the ground right now in Hampton Roads — and why waiting isn’t always the low-risk strategy it feels like.
What the Market Looks Like Right Now
Anecdotally, buyers have more room to negotiate today than they did during peak competition.
We’re seeing:
Seller concessions (closing costs, repairs, rate buydowns)
Lower accepted offers, especially on homes that have been sitting
More flexibility on homes that have been on the market 21+ days
That doesn’t mean every seller is desperate — but it does mean buyers aren’t automatically losing just because they don’t offer over asking.
If you can afford to buy a home right now, this is one of those moments where strategy matters more than speed.
Why Waiting for Rates Can Backfire
When rates eventually drop, something predictable tends to happen:
More buyers re-enter the market at the same time.
That means:
More competition on the same homes
Multiple-offer situations return
Prices start getting pushed up again
Lower rates don’t always mean lower monthly payments if the purchase price increases to compensate.
How Home Prices Are Actually Determined
One thing many buyers don’t realize is that home prices are typically based on recent comparable sales — often from the previous 3–6 months.
So when demand increases:
Prices rise
Those higher prices get baked into future comps
And they often stay there, even if conditions cool slightly later
In other words, waiting for better rates doesn’t guarantee a cheaper home — it can sometimes lock in a higher price.
So… Is Now the “Right” Time to Buy?
There’s no universal answer. But here is a more helpful way to think about it:
If you can afford the payment today
If you plan to stay in the home for several years
If you’re open to negotiating instead of competing
Then starting your home search now can give you more control and more options.
You can always refinance later if rates improve.
You can’t renegotiate the purchase price after the fact.
The Bigger Picture
Buying a home isn’t about perfectly timing the market — it’s about understanding how the market works and choosing a strategy that fits your situation.
Right now, buyers who are informed and patient often have more leverage than they expect.
If you’re unsure whether buying now or waiting makes more sense for you, I’m always happy to talk it through. No pressure — just clarity.
Final Note
This isn’t advice for everyone. Every buyer’s situation is different.
But if you’ve been sitting on the sidelines purely out of fear, it may be worth taking a closer look at what’s actually happening today — not just the headlines.
If you want to talk through your numbers, timeline, or what negotiations could realistically look like in today’s market, feel free to reach out. I’m happy to explain.
