2024

Buying a home is a dream for many people, but it’s not without its share of
fears. Here are common anxieties for new homeowners and how to address
them.

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city with the charm and comfort of suburban living.

What Mortgage Rate Are You Waiting For?

You won’t find anyone who’s going to argue that mortgage rates have had a
big impact on housing affordability over the past couple of years. But
there is hope on the horizon. Rates have actually started to come down.
And, recently they hit the lowest point we’ve seen in 2024, according to
Freddie Mac (see graph below):

And if you’re thinking about buying a home, that may leave you wondering:
how much lower are they going to go? Here’s some information that can help
you know what to expect.

Expert Projections for Mortgage Rates

Experts say the overall downward trend should continue as long as inflation
and the economy keeps cooling. But as new reports come out on those key
indicators, there’s going to be some volatility here and there.

What you need to remember is it’s not wise to let those blips distract you
from the larger trend. Rates are still down roughly a full percentage point
from the recent peak compared to May.

And the general consensus is that rates in the low 6s are possible in the
months ahead, it just depends on what happens with the economy and what the
Federal Reserve decides to do moving forward.

Most experts are already starting to revise their 2024 mortgage rate
forecasts to be more optimistic that lower rates are ahead. For example,
Realtor.com says:

“Mortgage rates have been revised slightly lower as signals from the
economy suggest that it will be appropriate for the Fed to begin to cut
its Federal Funds rate in 2024. Our yearly mortgage rate average
forecast is down to 6.7%, and we revised our year-end forecast to 6.3%
from 6.5%.”

Know Your Number for Mortgage Rates

So, what does this mean for you and your plans to move? If you’ve been
holding out and waiting for rates to come down, know that it’s already
happening. You just have to decide, based on the expert projections and
your own budget, when you’ll be willing to jump back in. As Sam Khater,
Chief Economist at Freddie Mac, says:

“The decline in mortgage rates does increase prospective homebuyers’
purchasing power and should begin to pique their interest in making a
move.”

As a next step, ask yourself this: what number do I want to see rates hit
before I’m ready to move?

Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once they hit 5.99%. The
exact percentage where you feel comfortable kicking off your search again
is personal. Once you have that number in mind, you don’t need to follow
rates yourself and wait for it to become a reality.

Instead, connect with a local real estate professional. They’ll help you
stay up to date on what’s happening and have a conversation about when to
make your move. And once rates hit your target, they’ll be the first to let
you know.

Bottom Line

If you’ve put your moving plans on hold because of higher mortgage rates,
think about the number you want to see rates hit that would make you
re-enter the market.

Once you have that number in mind, let’s connect so you have someone on
your side to let you know when we get there.

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Focus on Time in the marketplace, Not Timing the Market Sure, you can attempt timing the market, but the equity you’ll be missing out on in the meantime is something to seriously take into consideration. Instead than focusing on timing the market. If you’re discussing whether to acquire currently or wait, remember it’s time in

The Length Of Time Will It Take To Sell My House? You desire your residence to offer fast. And you may be asking yourself how long the whole procedure is going to take. One way to obtain your answer? Collaborate with a neighborhood real estate agent. They have the proficiency to inform you exactly how

You have 3 key opportunities if you’re looking to move this fall. Inventory
is growing, homebuilders are motivated to sell, and mortgage rates have
come down from their recent peak. Let’s connect if you want more
information.

Inventory is growing and that means more options for your search, more
negotiation power for you, it’s more likely sellers will make select
repairs, and more moderate price growth. If you want to talk more about
rising inventory means for you, let’s connect.

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Why Make Your Home Energy Efficient Before Selling? Making your home much more power effective is one of the most impactful actions you can take to guarantee you obtain the best possible rate for it. An energy-efficient home commonly sells faster than its much less efficient equivalents. The capacity to market your home as energy