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 buyers and sellers. So, what can we expect for this Fall season?
Hi, I’m Tanja Odzak, eXp Realty. I love helping people. I’m a Senior Level Realtor and I help people sell and buy homes right here in the East Bay!
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.
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!
If you would like more information on East Bay real estate data and learn more about what’s really going on, call me today and let’s talk about it! I’m a seasoned East Bay expert with a 5-star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans… I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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