Changes in the Market: A Time for Opportunity

The time we’ve been waiting for is finally here. The Federal Reserve is signaling intentions to cut interest rates later this month, which means mortgage rates are likely to continue trending downward. For buyers, sellers, and real estate professionals alike, this is a highly anticipated development.

Why does this matter? Because throughout 2024, many have been holding out for this shift. While this might just be the beginning of a gradual decline in the Fed rate—and mortgage rates—now might be the perfect moment to take action. Here’s why moving sooner rather than later could be the right move:

Fall 2024: The New Spring?

Traditionally, spring is known as the busiest season in real estate. But this year, many of us are hopeful that Fall 2024 will bring the same energy and activity. Last year, Realtor.com named the first week of October as the best time to buy a home. Why? It’s simple: Early fall often provides buyers with more options and better prices. With the expected drop in rates, this fall could be the perfect opportunity to find the home you’ve been dreaming of.

Home Values are Likely to Continue Rising

While we’ve all been waiting for mortgage rates to reach that “magic number,” our teams remind you that flexibility is key. In fact, despite rising interest rates, home prices have continued to climb in many areas. Waiting for rates to drop even further might mean paying a higher price for the home you want. As one real estate expert put it, “The longer people wait, the higher home prices tend to go. While buying power increases with lower rates, so do home prices.”

Increased Competition is on the Horizon

Another factor to consider is increased competition. As rates drop, more buyers who’ve been waiting on the sidelines are likely to jump back into the market. This could lead to more competition for the most desirable listings. Beating the rush could be your best move—especially if you find a home that checks all your boxes.

Ready to make a move or need advice on your next steps? Don’t hesitate to reach out. We’re always here to help you navigate the exciting opportunities ahead.