Are Buyers Feeling Excited About The Market Again?

Are mortgage rates going to drop this fall and make buyers feel excited about the market again?!

Here is what you need to know as the housing market shifts into Fall. We can’t forget last October when rates hit an all-time high of nearly 8% for a 30-year fixed loan. It pretty much put the real estate market at a screeching halt for both buyer and sellers. So, what can we expect for this Fall season?

Hi, I’m Terry Tucker with eXp Realty and I have been helping people sell and buy homes right here in the San Ramon Valley and the entire San Francisco Bay Area for the past 26 years!

According to the housing experts, mortgage rates are predicted to dip further… possibly to the lower 6’s and high 5’s by year’s end. Chief Economist Danielle Hale from Realtor.com is predicting the Fed will cut its rates before the end of 2024 and to be bigger than what was expected at the beginning of the year. No, it won’t be

the 3% we saw in 2021 and 2022 but most definitely a big improvement from last year and the beginning of this year.

So, does that mean we will see home prices fall along with rates? Ahhhh… Probably not, as lower mortgage rates will create more buyer demand keeping home prices steadily rising. Most experts have predicted a mild gain in home values this year by approximately 3.5%.

Good news though, inventory has ticked up and there are more homes for sale than this time last year. With lower rates and more inventory, buyers can start to feel excited again about the real estate market, but NEED TO ACT FAST!

Keep in mind, once rates do come down and word is out, the market will most likely become competitive again and we could see multiple offers enter back into the market. If you are a buyer, the key to this shift is to act strategically and align yourself with a great agent… like me!

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