Should You Buy Now or Wait for Lower Mortgage Rates? The Strategic Tradeoff

If you’re looking to buy a home in South Snohomish or North King County, you might be wondering if now is the right time or if you should wait for lower mortgage rates. Rates have recently dipped into the mid-6 % range, tempting many buyers to hold out for further drops. But in our local market, waiting could mean missing your best opportunity.

Why Buying Now Could Be Smarter

1. Homes Are Still Moving Here

In our area, homes are selling—often quickly—if they’re priced right and presented well. Overpriced or poorly staged properties tend to sit, but well-prepared homes attract strong buyer interest. That means you have a good chance of finding the right property without getting stuck in heavy bidding wars.

2. Price Growth Is Moderating

While home values continue to rise over time, the pace has slowed. Buyers today are finding more balance and opportunities to purchase without the runaway price jumps of recent years.

3. Refinancing Later Is an Option

Locking in a home now doesn’t mean you’re stuck with today’s rate forever. If rates decline further, refinancing can lower your monthly payment while you continue building equity in your home.

The Risks of Waiting for Lower Rates

1. Competition Will Heat Up

If rates dip under 6 %, buyer demand will likely surge again. That could mean fewer homes to choose from and more multiple-offer situations in South Snohomish and North King County.

2. Rates May Not Drop Significantly

Experts forecast that mortgage rates will hover in the mid-to-low 6 % range through 2026. Waiting may not deliver the “perfect rate” some buyers are hoping for, and in the meantime, local prices could climb.

Local Market Snapshot

• Homes that are priced right and presented well are still moving quickly.

• Buyers are enjoying more options than last year, but competition remains steady in desirable neighborhoods.

• Sellers who overprice or skip preparation are the ones seeing their listings linger.

Conclusion: The Strategic Bottom Line

In South Snohomish and North King County, waiting on the sidelines may not pay off.

• Buy now if you’re financially ready and want the advantage of today’s inventory and steady pricing. You can always refinance later if rates fall.

• Wait only if you’re not prepared to buy yet—but know that competition and prices may work against you when rates shift lower.