Buyers waiting for better rates will be on the fence forever – so sell the house, not the rate
It’s a case of adapt or die for brokers with rates unlikely to return to previous low levels after a period of historic highs. While buyers are shifting their mentality, brokers must do the same.
Will Savage, owner of PMC Mortgage in South Carolina, says the key to success in the new environment is simple – focus on selling the house, not the rate.
Market stasis, mixed with a grudging acceptance that rates aren't going to drop, is bringing a different kind of buyer back to the table. These buyers know the waiting game is over and realize what they previously thought was achievable, is now not but want to get off the fence.
This attitude shift is as much about psychology as it is about rates. For years, consumers have been anchored to historically low benchmarks. But now, Savage says, they’re waking up to a harsh reality: those days aren’t coming back.
That said, not everyone is jumping in. As rates fall, inventory tightens, and this creates a new kind of gridlock. For buyers still clinging to the hope of an even better deal, Savage has one message—stop rate-watching and focus on what you can control.
“A lot of times, originators get caught up on what bonds are doing and what mortgage-backed securities are doing. Yes, it is our job to be knowledgeable about this and be able to educate the consumer… but focus on what you can control,” he said.
His advice is clear: buy the house, not the rate. Because when borrowers wait for perfect conditions, they usually end up with nothing.
“If the client… likes the house and [it is] a comfortable monthly payment, buy the house. If you’re going to sit and you’re going to wait for this interest rate that isn’t going to come, you’re going to stay where you are.”
It’s a blunt message in a market saturated with analysis paralysis, but Savage isn’t afraid to tell clients what they need to hear.
“Nobody says, ‘I can’t buy a house unless the interest rate is 5%,’” he said. “They say, I need my monthly payment to be $2,500 or $3,000—whatever it may be. And that’s my job.”
Beyond rates, Savage is closely watching consumer timelines. The speed of the deal, he notes, depends heavily on the kind of buyer in play.
“If it’s a second-home buyer, or if it is an investment home buyer, that’s going to be a longer sales cycle regardless, because there’s no driving force behind that,” he said. “That’s a want, that’s not a need.”
It’s vastly different from primary residence buyers, who often have deadlines tied to job relocations or selling their current homes. But either way, Savage cautions originators not to let these leads fall through the cracks.
“Are they getting emails every week? Are you calling them every week?”
It’s not just about staying visible—it’s about preventing leakage in the pipeline. A warm lead that’s ignored is one phone call away from becoming someone else’s client.
And yet, the biggest mistake Savage sees originators make with these hesitant clients? Too much salesmanship, not enough empathy, “Nobody likes a very pushy salesman,” he said.
Instead, he advocates for a more client-centric approach—one grounded in education, transparency, and a healthy dose of emotional intelligence.
“The only reason that the buyer’s hesitant is because they don’t know,” he said. “So, if you get together with your realtor, make sure they know that you have a full team in their corner… now they’re not hesitant because they have clarity.”
That clarity, Savage argues, starts with real detail — fee worksheets, cost breakdowns, and payment scenarios. Anything less is a disservice.
“If you have a hesitant buyer, that’s on you as a loan originator.”
This philosophy isn’t just a personal belief — it’s a necessity in today’s volatile, rate-sensitive market, where one misstep can drive a borrower elsewhere.
“So, if you just immediately come from a point of empathy, ask the right questions on the first initial phone call, you’re going to turn a hesitant buyer into a confident buyer.”
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