The 1,650-Day Wait Is Over

It's been 1,650 days since the Federal Reserve last cut interest rates.

During this era of rising rates, we've seen:

Mortgage rates peak at nearly 8% in October 2023

Existing home sales plummet to 1995 levels

Home affordability hit a 40-year low

So, when I got the news yesterday that the Federal Reserve was cutting interest rates by 0.5%, I was kind of excited.

Not because this single cut will dramatically change the market overnight — but because the Federal Reserve is signaling that this is the beginning, not the end, of rate cuts.

Yes, lower mortgage rates will result in more buyers, increased competition, and likely more refinancing. 

But it could also lead to something more important:

More homes hitting the market.

According to a recent Bankrate survey, only a tiny fraction of homeowners — just 5% — feel comfortable selling their homes with mortgage rates at 6% or higher.

However, there’s a glimmer of hope for the housing market. 

The survey revealed that more than a third of homeowners (35%) would be willing to sell their homes if mortgage rates dip below 6%.

More homes hitting the market should lead to a healthy and stable real estate market.

Buyers and sellers alike can rejoice in that news.

As always, I'm here to keep you informed about what’s happening in the market.

Do me a favor, let me know what you are feeling about all of this.

Cheers,

Tania

P.S. One of my clients wanted to sell their home, but they were afraid they wouldn’t be able to find a new one or sell their current one. After preparing and marketing their home, we were able to sell for $17,000 above their list price, and helped them find that new perfect spot to call home and move into even before closing on the sale of their current home! If you’re feeling stuck, overwhelmed, or just confused, call me directly at 404-964-2267 for professional guidance.

Here's a great way for you to check out how the current rates would impact your mortgage payments. You would just plug in the ideal purchase price, your planned amount of downpayment... and click calculate! boom! You will see what your monthly payment would be right there on my preferred lender, Mitzi Marshall app - go here