03/21/2024
Finally, some decent news from the Federal Reserve meeting this week. Nine FED members have agreed we should have three rate cuts in 2024 totaling 75 basis points or .75%. This will lead to lower mortgage rates, which the industry has been anticipating for a while. When rates move lower, I predict home values will rise due to homes being more affordable and more buyers entering the market. With lower rates on the horizon and the impact of the NAR settlement going into effect in July. I advise anyone sitting on the fence to buy now. Come July a buyer will have to find a way to cover their agent’s commission. The days of the seller being required to cover it are over due to the NAR settlement. When rates drop you can refinance at a lower rate. A refinance is a simple transaction. You should buy now, instead of buying the same house at a higher value soon. Buying now you will create equity / net worth. Buying later you will be contributing to someone else’s net worth. Contact me at [email protected] for a free consultation.
