Are We Getting Close?

I’m starting to wonder if we are reaching the point in the market where we might actually start to see things turn around? A few signs that I’m seeing:

It’s all About Supply and Demand

First, looking at the gold standard for what is going on with rates: everyone tracks Freddie Mac, and we are seeing rates come under 7% for the first time in quite a long time.

What does that lead to? The thing that we’ve been talking about for a while (and I’ve heard it from a bunch of different news outlets) is that if we see rates come down significantly, then it’s going to have a few effects:

• Pull a bunch of new buyers into the market
• Have a big impact on reducing inventory
• As a result of these two things, it will start driving prices up again

It always comes back to the supply-and-demand equation that we’ve talked about a million times.

Increase in Pre-Approvals

With rates coming down (which is amazing), I know in my own personal business, I’ve done more pre-approval in the last few weeks than I’ve done in a very long time! We’ve got so many people who are really getting serious about looking at their options to buy a home.

I don’t know what is going to happen with interest rates or the market, but I can certainly look at what is happening for me and throughout our company. Looking at different data points, it appears that things seem to be heating up. It’s a weird time of year for this to be happening, because this is normally a time when we usually start cooling off at the end of summer.

It could be the right time to start jumping in right now. I am really confident that if we get rates down into the low 6’s or high 5’s, I think we are going to see things get really wild again.

If anyone is out there and wondering if it’s the right time to jump in, then let’s get you going! You don’t have to find the perfect house today. But it might make sense to get pre-approved, so if the right house does come up, you can jump on that. Reach out for personalized recommendations, I’m always here to help!