The rates have come down twice in a row. Once is an instance, twice is a trend. People love trends, and more often than not, we assume that whatever is trending will continue to trend. The last few experts I asked all agreed that the general consensus is that rates will continue to drop in the near future.
How much they drop, from what I've seeing, is secondary - its the downward trend that creates optimism, and optimism is what drives the market forward. Or up.
We're still in a fairly strong seller's market and we're inching towards a balanced market. Last month we had 2.6 months of inventory on the market, now we're at 2.8 months. This means, if houses continue to get snatched up at the rate they're currently being snatched, we'd have no houses left to sell in 2.8 months assuming no new houses came on the market.
Price-wise, I predicted that we'd hit the peak of 2024 - and in some communities, we have - but overall are we're a couple points shy of our record prices from a couple years back. We're up from last year and from 3 years ago, though!
I'm predicting an extremely busy, but balanced, fall. As much at the interest rate drops are bringing buyers out, I'm predicting that we will see sellers coming out, more. After all, lower interest rates means buyers can afford to spend more, and increased buyer optimism means action is more likely - making it a great time to sell!
I can help with that!
