Thursday, October 17, 2024 / by Ameil Gill
RATES DROPPED (FINALLY)… WHAT THIS MEANS FOR YOU.
RATES DROPPED (FINALLY)… WHAT THIS MEANS FOR YOU.
In case you haven’t heard, interest rates dropped to the lowest they’ve been since February 2023. This decrease has the same impact on affordability as an 11% decline in housing prices.
This means more purchasing power for buyers and a chance for current homeowners to finally “move up” to a larger home. Plus, if you bought in the last two years, it might be the perfect opportunity to refinance!
So what could this mean for you?
FOR BUYERS:
- Lower interest rates = more buying power
- More buyers could enter the market, leading to more competition
- More inventory may hit the market (with more sellers deciding to move)
FOR SELLERS:
- Lower rates = higher prices (typically)
- More buyers could enter the market
- More sellers could also enter the market, leading to more inventory (and therefore more competition)
Have questions about the market? Just shoot me a message! I’d love to chat about your options and how you can take advantage of this moment you’ve been waiting for.