Over the last two years one of the biggest reasons give for not moving forward with a purchase is the, "I want to wait until prices go down further". This may sound valid to a point but when you consider where interest rates are likely going to head in the next 12 to 18 months, maybe not.
Further price drops will likely coincide with interest rate increases which will eliminate the incentive/attraction that price drop brings, which is a lower payment.
Check out the graph below as an illustrative example. The % down doesn't really matter because the ratio of payment vs. price drop / rate increases stays the same.
If you have a client that uses this reason, get the relevent info and break it down as shown below. It will generate questions and more discussion if nothing else.
Any input, opinions or thoughts are welcome and appreciated.
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