Let’s dive into one of my absolute favorite subjects – interest rates! So, guess what? They’ve been on a slow and steady decline since the end of the third quarter in 2023, making their way down from 8% to a more comfortable 6.75% today. I wanted to share the cool graphic below that illustrates how your buying power can change with these shifts in interest rates.
Now, I’ve been chatting about this for a while, and I’m sticking to my prediction: as these rates drop, we’re in for a market frenzy. Oddly enough, the market hasn’t quite exploded yet, contrary to what some experts expected. I’ve got a couple of theories on that. First off, we’ve got the holiday season and all the family and social whirlwinds from mid-November to mid-January. I mean, who’s got time for house hunting when there are festivities and family gatherings, right? The other reason is the shortage of available homes. No one’s listing because there’s not much out there to buy. Someone’s got to take the plunge first.
But hey, get ready for this – I’ve got a feeling that come spring, it’s going to be popping off! I’ve heard whispers from some “real estate experts” that April through September might just break records for the busiest real estate market ever. Now, I won’t claim to have a crystal ball, but the uptick in calls and referrals I’ve been getting lately sure seems to point in that direction. Exciting times ahead, my friend! 🏡✨