It’s Fed Day! Also, Next Week: Best Week of the Year to Purchase a House

Today is Fed Day: as expected the Fed increased rates by three-quarters of a percent. The mortgage/bonds market is having a muted response. So far there isn’t too much movement.

If you’ve been watching the trends, it’s been an ugly ride for interest rates in the last month and a half. For now, at least we didn’t get worse.

In Other News

On a different topic, I wanted to share an interesting article I read on Realtor.com this week. It’s making the case that the last week of September (next week) is statistically speaking the best week of the year to buy a house.

Where do they come up with that? The case they are making is that the market trends shows that inventory is maxing out right now and this is the week when it peaks. Since there’s more inventory and buyers are starting to leave the market, it means that it typically tips towards the buyer side.

Normal Real Estate Trends

For what it’s worth: there are reports about inventory increasing. The truth is that it typically happens during this time of year. During the pandemic, all bets were off – but it seems like we are returning to typical patterns again.

If this year matches other years, it means we will start to see inventory shrink through the holiday season. Then, inventory will build again as the New Year gets underway and we move towards spring.

Are You Ready to Buy a Home?

If you are looking to buy, next week is the best time of year to buy! In the markets that we watch, inventories are definitely rolling, so it might be a good opportunity.

Reach out to my team if you need help finding the best financing for your home purchase. We are always here to assist!