This past week we had the stock market tumble and the fed cut the rates again. Many economists have theorized we would have a market correction in 2020, and with the election this year there is a lot of
unknown.
One thing we know for sure is that rates have dropped to some of the lowest we have seen in the last five years. While the supply of homes is very tight, interest rates dropping to under 3.5% allows purchasers more purchasing power. Observing the market, we can see that the median home price has increased $25,000 compared to Jan 2019 180,000 to $205,000. While prices have increased, this cut in rates can help propel the market and allow buyers to buy in a slightly higher price point and have almost the same payment.
If you have considered selling and are concerned that you cannot find a home, now is the time to contact a Realtor. Realtors network with agents, past clients, builders and could have someone that would sell if they could find the right home. The right home could be your home that isn’t currently on the market for sale.
We’re always looking for new ways to serve our clients and community. That’s Who We R®.