Falling Mortgage Rates | Buyer Activity

If you've been on the fence about selling your home due to concerns about a slow market, there are signs that things are changing. Recent drops in mortgage rates, coupled with the Federal Reserve's first rate cut in over a year, suggest that even lower rates are likely on the horizon. This is exciting news for potential buyers and sellers alike.

Lower Rates = More Buyers

As mortgage rates decrease, more buyers enter the housing market. Check out this relationship in the graph below:

Lisa Sturtevant, Chief Economist at Bright MLS, explains,

"A drop in the cost of borrowing will help fuel more homebuyer demand... Falling rates will also bring more sellers into the market."

What This Means for You

The National Association of Realtors (NAR) has already observed an increase in home sales in July, reversing a previous downward trend. This renewed buyer interest is excellent news for sellers. Increased competition among buyers can lead to higher offers and a quicker sale for your home.

Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), echoes this optimism, stating,

"MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market."

The Time to Act is Now

The recent drop in mortgage rates is already attracting more buyers, and experts predict this trend will continue. If you're considering selling your home, now is a great time to start preparing. With increased buyer demand, your home could attract multiple offers and sell quickly.

Ready to take advantage of this exciting market shift? Let's connect and discuss how we can get your home ready to sell and achieve the best possible outcome.

Remember: The real estate market is dynamic, and timing can be crucial. Don't miss out on this opportunity to sell your home in a revitalized market with motivated buyers.