'If you see a home you love, don't wait': How homebuyers should react to falling mortgage rates, according to Realtor.com

• Gradually falling mortgage rates will create a more challenging market, Realtor.com wrote in a new report.
• They said homebuyers shouldn't wait for lower rates, and buy a home when they're financially ready.
• Lower rates will bring more buyers into the market, causing competition to surge, the report said.

Homebuyers shouldn't hold out for lower mortgage rates, as the gradual decline will only encourage other market challenges. Instead, it's best that financially prepared buyers move forward on properties that fit their needs, Realtor.com wrote in on Tuesday.

"Bottom line for homebuyers: If you see a home you love, don't wait," the agency said.