Should I Wait for Interest Rates to Drop Before I Buy a Home in the Greater Tulsa Area?

Rates matter. So does a monthly payment you can live with. Waiting for interest rates to drop can mean facing more competition from other buyers when they do. Right now in the Greater Tulsa Area, more homes are on the market, and buyers have the opportunity to negotiate concessions, including rate buydowns. The best decision starts with a payment that fits your budget today, not a prediction about rates.

Whether you're buying in Tulsa, Broken Arrow, Jenks, Owasso, Collinsville, Coweta, Glenpool, or Catoosa, the same questions apply.

I'm Christina Shortsleeve, a REALTOR® with REMAX Results, and I help first-time buyers across the Greater Tulsa Area buy with a clear plan. "Should I wait for rates to drop?" is one of the questions I hear most.

When interest rates do drop, you'll likely have more competition. Buyers who are waiting on the sidelines typically come back into the market at the same time when interest rates drop, which can mean more offers on the homes you like.

No one can say for sure when or how much rates will change. That's why I focus my buyers on what they can control: a monthly payment that fits their budget.

Buying while there are more homes on the market offers more opportunity for buyers. Right now in the Greater Tulsa Area, more homes are coming onto the market than going off it, which means more choices and more opportunity to negotiate terms that help you.

That's where concessions come in.

A rate buydown lowers the interest rate on your loan. In this market, buyers have the opportunity to negotiate concessions from the seller, and those concessions can include a rate buydown.

• A temporary buydown lowers your rate for a set period at the start of your loan.
• A long-term buydown lowers your rate for the life of the loan.

Which one makes sense depends on your loan and your plans, so ask your lender which options are available to you. I'll help you decide whether to include a request for concessions in your offer. My article on how to decide how much to offer explains how terms like these fit into your offer.

Start with a conversation with a lender. They'll tell you what you qualify for, and you decide what monthly payment is comfortable for your life. If the numbers work today, waiting for a lower rate may not be worth the extra competition. If they don't, you'll know what to work toward.

My article on how pre-approval works explains that first step.

• Waiting for a perfect rate. When rates drop, more buyers come back, and the competition goes up.
• Focusing on the rate instead of the payment. A payment you can live with matters more than the number alone.
• Not asking about concessions. In this market, a rate buydown may be something you can negotiate.

Should I wait for interest rates to drop before buying a house?

It depends on your budget. When rates drop, you'll likely face more competition. If a monthly payment works for you today, buying while more homes are on the market can offer more opportunity.

What is a rate buydown?

A way to lower the interest rate on your loan, either temporarily at the start of your loan or for the life of the loan. Ask your lender which options are available to you.

Can the seller pay for a rate buydown?

In this market, buyers have the opportunity to negotiate concessions, and those can include a rate buydown.

Is now a good time to buy a home in the Greater Tulsa Area?

Right now, more homes are coming onto the market than going off it, which gives buyers more choices. Whether it's the right time for you depends on your budget and your plans.

If you're starting to think about buying, start with my page for first-time buyers in the Greater Tulsa Area. When you're ready, send me a message. I'll walk you through the Purchasing Pathway, so you know what each step looks like, including your options with rates, before you reach it.

Christina Shortsleeve is a REALTOR® with REMAX Results in the Greater Tulsa Area, helping first-time buyers, homeowners ready to upgrade, and downsizers buy and sell with a clear plan. She has sold 127 homes since 2020.