Now May Be the Time to Sell
If you’ve been holding off listing your house due to high mortgage rates, it might be time to reconsider. Rates are starting to drop, and the Federal Reserve just cut the Federal Funds Rate for the first time since 2022. Though they don’t control mortgage rates directly, this signals further potential rate reductions, attracting more buyers into the market.
Lisa Sturtevant, Chief Economist at Bright MLS, notes, "Falling rates will also bring more sellers into the market." As rates drop, buyer demand is rising, as shown by the Mortgage Application Index. The National Association of Realtors (NAR) reported an increase in home sales in July, a positive shift after months of declines.
More buyers mean greater competition, which could lead to higher offers and quicker sales. Edward Seiler of the Mortgage Bankers Association expects this trend to continue as affordability improves.
Bottom Line: The recent drop in mortgage rates is bringing more buyers back. Now could be the perfect time to work with an agent and get your house ready to sell.
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