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Wait 6 months and see where the markets at, seems like it’s cooling
As rates rise, prices generally drop, but if this is going to be your primary home, it’s not the same as buying a piece of commercial real estate. If you like it, and can afford it, I’d seriously consider pulling the trigger. You can always refi when rates drop. If you’re not that attached to the property, then no harm in waiting. Though, depending on the market, I’d doubt this particular piece of property will be there for all that long. But I guess that also depends on how long it’s been on the market, etc.; sellers haven’t quite internalized that with higher rates and no COVID uncertainty, crazy prices have to come down to earth.