Here’s what you need to know about the latest news on rates.
Very soon, the Federal Reserve is set to convene, and many people think they might cut interest rates. Economists are divided on when these cuts will come into effect, with some predicting adjustments in March, while others lean towards May. Why does this matter for the housing market?
For those contemplating selling, the recent market has been very slow. However, the prevailing belief is that as interest rates decline, a wave of hesitant sellers from the last two years may finally decide to list their homes.
If you’re planning to sell your home in the near future, you might want to make a move before these rate decreases come down. As more sellers enter the market, you’ll have more competition. That means prices could fall, and you might have to make concessions to appeal to buyers.
“As more sellers enter the market, you’ll have more competition.”
Often, I get questions about the Federal Reserve’s rate plans. They’ve indicated three rate cuts this year, but the pivotal question remains: when? Inflation has decreased recently, so many people think cuts may come sooner rather than later. However, no one knows for sure what the Federal Reserve’s plan will be.
Why is this crucial for home sellers? As rates fall, more buyers and sellers will enter our market, which will have big implications for our area. Please call or email me if you have any questions. Let’s ensure you stay ahead of the curve.
