When a buyer says they are waiting for rates to come down, you take it as a decision about the market and back off politely. Close to half of prospective buyers are working from a rate that does not exist, which means the objection you are respecting is often a wrong number.
The Close's newsletter pointed at research from NAR on what is holding buyers back, and the headline finding is a factual error, not a preference: "45% of prospective buyers think mortgage rates are higher than they actually are".
NAR pairs it with two more misunderstandings that could be delaying purchases — widespread myths about how much of a down payment is required and about credit requirements.
The same issue also carried a report that persistent inflation and a resilient economy have shifted expectations toward a possible Fed rate increase later in 2026, which cuts against waiting on principle.
So the sidelined buyer is often sidelined by three numbers they have never checked: the rate, the down payment, and the credit score they think they need.
“45% of prospective buyers think mortgage rates are higher than they actually are”
Right now that conversation ends with you agreeing to circle back in the spring, and the buyer keeps a wrong number in their head all winter. It is a comfortable exit for both of you, which is exactly why it repeats.
The fix is unglamorous: put the real figures in front of them without arguing. Today's actual quoted rate from your lender, the actual minimum down payment for the loan they would use, and the actual credit minimum. If they still want to wait, that is a decision. Until then, it is a rumor.