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Are you one of those homeowners who has been postponing the decision to sell your house, waiting for the right moment when mortgage rates align with your financial goals? Well, the time to make your move might be now. Recent trends in the mortgage market have ushered in a wave of excitement for prospective home sellers, and here’s why.
Since last October, mortgage rates have been on a downward trajectory, marking a significant shift from the 7.79% peak they reached. In fact, for over a month now, these rates have consistently remained below 7%. While we might not be returning to the days of the ‘unicorn’ years with 3% rates, experts suggest that the downward trend is expected to continue in the near future.
Dean Baker, Senior Economist at the Center for Economic Research, sheds light on the situation, emphasizing that with mortgage rates already lower than they were just a few months ago, homeowners may feel less constrained by their current rates. In the past, moving to a new home often meant trading in a low mortgage rate for one that could be as high as 8%. However, with the recent drop in rates, the difference between your current mortgage rate and the prospective rate for a new home isn’t as daunting as before, making the prospect of moving more affordable.
Lance Lambert, Founder of ResiClub, supports this notion, stating that data from Bright MLS indicates high mortgage rates as the top reason buyers have hesitated to enter homeownership. Lower mortgage rates not only make it more financially viable for buyers but also open the door for sellers to experience increased demand for their homes.
The decline in mortgage rates means potential savings for homebuyers, making homeownership more attractive and affordable. This, in turn, is expected to encourage more buyers to enter the market. The surge in buyer activity translates to heightened demand for homes, and if you’ve been holding back from selling due to concerns about larger mortgage rates or a perceived lack of buyers, the recent decline in mortgage rates may be the signal you’ve been waiting for.
So, if you’ve been contemplating a move, now might be the opportune moment to take action. The market is evolving, and the conditions are becoming more favorable for both buyers and sellers. If you’re ready to make your move, don’t hesitate to connect. Reach out at 321-223-6051, and let’s explore the possibilities that the current housing market has to offer.
