Current Market Activity 📊

We’re Not Afraid To Talk About It……  Interest Rates Haven’t Budged Much.

Whether rates change dramatically, or with less swing, there is impact not only on buyers, but on sellers too.

A drop in Mortgage rates can –

• give buyers more buying power (increase affordability)
• speed up market sales, creating a higher demand on properties=sellers market
  with increased sale prices
• increase inventory (positive momentum in sales may sway sellers to more eagerly list)

An increase in Mortgage rates can –

• give buyers less buying power (create affordability issues)

• slow down market sales with the ultimate possibility being a shift to a buyers market

• decrease inventory (sellers may have lower mortgage loan rates causing them to stay in the property longer)Bottom Line ——-> Changing Mortgage Rates impact everyone.  To what extent may be determined by the ‘swing’ of rates. Though this affects buyers in their monthly mortgage payment, it also affects sellers on the ‘sale-a-bility’ of their property.  Everyone is affected by changing mortgage rates.

👀 Looking Ahead 👇

In the blink of an eye, the first quarter of 2024 is nearing its end and we are heading into Spring. This is traditionally the busiest time of year in our areas for real estate sales.  If you are considering buying or selling, let us help you get prepared.  Schedule a consultation with us so that we can review each step of selling/buying process.  We are anticipating a very competitive Spring market. If you are not equipped with the right information, it will likely affect your real estate transaction.  We’re here to help!

Until next time…