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Should I Wait to Buy a House in Charlotte? | Myth Busting Mondays 💥

  • Writer: Christen Ripoli - REALTOR
    Christen Ripoli - REALTOR
  • Oct 13
  • 4 min read

Welcome to a new series on my blog: Myth-Busting Mondays! Ripoli Real Estate's CFO and Marketing Director of Ripoli Real Estate (also my husband❤️) is leading the charge on this project, and he made the very first YouTube video in this series - make sure you check it out!


For our Myth-Busting Monday series, we’ll take a closer look at some of the biggest real estate myths in the Charlotte housing market - and uncover the truth behind them.


If you’re thinking about buying a home in Charlotte or relocating to the Carolinas, be sure to subscribe to our YouTube channel and share this with a friend who’s considering a move.


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🏠 This Week's Real Estate Myth: “I’m Going to Wait Until Interest Rates Drop Before Buying.”


We hear this one all the time:

“I’m just going to wait until rates drop to five or even four percent like they were a couple years ago - then I’ll start looking for a house.”

It sounds smart, right? Who wouldn’t want a lower monthly payment? But here’s the truth: waiting for mortgage rates to drop could actually cost you more money in the long run - especially in a fast-moving market like Charlotte, North Carolina.


Let’s bust this myth wide open!



📉 Will Mortgage Rates Really Drop Back to 4%?


Many buyers are still holding out hope that we’ll see interest rates return to the ultra-low levels we saw a few years ago. But the reality is: those days may not come back anytime soon.

  • Rates under 6% are possible.

  • Rates under 5%? That could be a long wait - if it happens at all.


And while you’re waiting for that perfect number, the Charlotte housing market isn’t standing still. Home values across the region typically rise year after year, meaning the longer you wait, the higher the price tag on that same home could be.



💰 Real Numbers: The Cost of Waiting on a $400,000 Home in Charlotte


Let’s take a $400,000 home in Charlotte as an example.

Interest Rate

Approx. Monthly Payment

Difference

7.0%

$2,660/month

—

6.3%

$2,400/month

Save $260/month

6.0%

$2,398/month

Save ~$262/month

Dropping from 7% to 6% saves about $262 per month, or roughly $15,000 over five years - a solid savings.


But here’s where the math flips: if home prices rise even 5% while you’re waiting, that $400,000 house becomes $420,000. Along with that, your down payment and closing costs also increase.


So, the potential interest rate savings can easily be wiped out by higher home prices and additional upfront costs.



⚔️ What Happens When Interest Rates Drop: More Competition


When rates finally do drop, the market heats up - fast.Buyers who’ve been sitting on the sidelines all rush in at once, creating a wave of competition.


More buyers = fewer available homes = bidding wars.


We saw this in 2021, when the Charlotte housing market exploded. Homes were selling $10,000 to $30,000 over asking price, and some buyers were submitting sight-unseen offers just to have a chance.


So yes, a lower interest rate might save you some money each month - but in a competitive market, you could end up paying way more for the home itself or losing out on your dream property altogether.



🏡 The Hidden Advantage of Buying Now


Right now, while rates are still slightly elevated, buyers have an advantage: leverage.

You can often negotiate seller concessions - things like money toward closing costs, home repairs, or even a rate buy-down. Once rates fall and demand surges again, those perks will disappear.


In other words, today’s market offers flexibility that tomorrow’s market might not.

And remember: you can always refinance later when rates drop - but you can’t go back in time and buy a home at today’s price point.



🎯 What Should Charlotte Home Buyers Do Right Now?


If you find a budget-friendly home that fits your family’s lifestyle, it’s worth serious consideration.


No one can perfectly time the market, and waiting for the “perfect” moment often means missing opportunities that make sense right now.


At Ripoli Real Estate, we help clients analyze both sides - what you gain by waiting versus what you lose as prices and competition rise. We can also set you up on a custom home search so you’re ready to act quickly when the right property hits the market.


🧮 Let’s Run the Numbers for You


Every buyer’s situation is unique, and that’s why it’s important to get personalized advice - not just general headlines.


If you’d like to see what these numbers look like for your exact budget, reach out to us!We’ll run the calculations and show you how the costs balance out - no pressure, no sales pitch - just clarity.


Our contact information is below, and we’d love to help you make the right financial decision for your next move.



💬 Final Thoughts: Should I Wait to Buy a House in Charlotte?


The idea of waiting for lower rates sounds tempting, but when you factor in rising prices, increased competition, and the potential loss of negotiation power, it could end up being more expensive to wait.


Remember: it’s not just about the rate - it’s about timing, opportunity, and what makes sense for your life today.


So before you sit on the sidelines, let’s talk through your options. You might be surprised to see how much sense it makes to buy now and refinance later. If you’re considering a move to the Charlotte area, don’t forget to subscribe to my YouTube channel Living in Charlotte, NC for more home tours, market updates, and relocation tips!


☎️ CONTACT INFO ☎️

📞 980.239.7872

🏠Set up MLS Search: https://bit.ly/myquicksearch

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