On September 18th, the Federal Reserve lowered its key interest rate for the first time since 2020, which is great news for the housing market. Many experts predict we may see additional rate cuts before the year ends. Inflation has also dropped to its lowest level in over three years, and consumer confidence is on the rise. While the stock market has been a bit volatile since July, it's still close to record highs.
However, as of early October, lower mortgage rates haven't yet led to the surge in buyer demand that some expected. Many potential buyers are likely holding off, anticipating further rate cuts. Meanwhile, the number of homes for sale continues to outpace sales, giving buyers a stronger position. That said, many homes are still selling quickly and above asking price, depending on the property’s location, price, and condition.
October marks the heart of the fall selling season, a crucial time to act before the market typically slows down for the winter holidays. Sellers are often more motivated during this period, which could mean more price reductions as they aim to get homes under contract before the holiday season lulls.
If you’re considering buying or selling, or just want to chat about how these trends might impact your next move, don’t hesitate to reach out. I’m here to help!
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