Yes, rates have risen plenty since the lows of the pandemic – but delving into what the monthly payment will look like often sets borrowers’ minds at ease, she said, especially with the expectation that borrowing costs will eventually come down at some point in the future.
“When you break down the monthly payment to them, it can be a lot,” she said, “but in Texas, typically my average loan amount is $280,000 or $300,000, so the difference is big – but it’s still not that big.
“And then you break it down: ‘The election is coming up, and most of the time the rate will drop before the election.’ So we’re thinking July, August. I would break it down to them that they pay this really high rate for maybe only six months and then after that, we can get you a lower rate.”
Could borrowers be losing out by timing the market?
Buyers who decide to wait out the market and only get involved when rates imminently dip lower could be taking a big risk, she suggested.
As a seasoned real estate investor herself, it’s an adage Dao is only too happy to share with her clients.
