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Save aggressively, reduce debt and improve your credit score, he said.
Nothing is guaranteed, but it is very likely that rates will come down.
The big question is when and how much?
No one knows the answers to those questions, he said.
It is also likely that when rates do come down, home prices will conversely go up.
Do not bank on home prices and interest rates to both drop, she said.
Prices are great in many markets right now, especially where I do business inManhattan and Brooklyn.
I think buyers are currently focusing too much on interest rates, because they are temporary.
you might always refinance later on.
You date the rate, but you marry the price.
Consider Your Options
Homebuyers have several options available to consider to solve affordability issues, ODonnell said.
Look into multi-family properties live in one unit, rent out the others.
House hacking can drastically reduce your living expenses.
Another option is to team up withfriends or familyfor joint investments, Clement said.
Pooling resources can help you afford a better property.
Lower initial ratescan make your payments more manageable, but be sure you understand the risks.
Its all about thinking outside the box and taking bold steps.
No one has a crystal ball and can predict what will happen with interest rates or home prices.
But we can look at the data.
Mostly, dont lose hope, even if the desired price or interest rate drops dont happen when expected.
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