If you’ve been holding off on listing your home because you’re unsure about buyer interest, I’ve got some great news for you—it might be time to consider making a move.
For months, high mortgage rates had buyers sitting on the sidelines, but that’s starting to change. Rates are already coming down thanks to various economic factors, and recently, the Federal Reserve made its first cut to the Federal Funds Rate since they began raising it in March 2022. Now, while the Fed doesn’t directly control mortgage rates, this shift sets the stage for rates to drop even further—especially with more cuts expected into next year. Lower mortgage rates are already drawing buyers back into the market.
With the cost of borrowing dropping, homebuyer demand is on the rise. That’s great news for anyone thinking about selling because falling rates are also motivating more sellers to jump in and take advantage of this renewed buyer interest.
As Rates Fall, Buyer Activity Goes Up
There’s a clear connection between mortgage rates falling and buyers re-entering the market. It’s simple: as rates come down, more people start applying for mortgages and seriously thinking about buying.
Just take a look at the numbers from the Mortgage Bankers Association (MBA). Their Mortgage Application Index, which tracks the number of mortgage applications, shows that as the average 30-year fixed mortgage rate drops, buyer activity increases. It’s proof that when borrowing becomes more affordable, buyers are ready to make their move.
What This Means for You
If you’re a homeowner thinking about selling, this rise in buyer activity is working in your favor. According to the National Association of Realtors (NAR), home sales started picking up in July after four months of declines, which is a promising trend.
More buyers means more competition, and that can lead to higher offers and your home spending less time on the market. Plus, experts from the Mortgage Bankers Association expect this trend to continue. They’re forecasting that as home prices appreciate at a slower pace and mortgage rates fall, it’ll become easier for buyers to afford homes. This shift could bring even more people into the market, eager to find the right property.
In short, the market is opening up to more buyers, and that’s great news if you’re thinking about selling. More potential buyers mean you have a better chance of getting strong offers, maybe even multiple, which can help you sell your home quickly and at a price you’ll love.
Bottom Line
With mortgage rates on the decline and buyer demand on the rise, now could be the perfect time to get your home ready to sell. Let’s chat about how we can make the most of this opportunity and get your house in front of those eager buyers. The market’s picking up, and you don’t want to miss out!
Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.
