I don’t think summer is over, but some students returned to class yesterday, my niece leaves today for her first year of college, and I begin my child care duties for Ellie when Alexis returns to work next week. Something is definitely signaling change.
I like this time of year. When I was in the classroom, it was always the start of something new. New students, new school supplies, and new opportunities to help others learn and grow. Although I’m not headed to school, the chance to help others still exists for me. And right now positive changes are happening!
Interest rates are dropping! I always check interest rates on Mondays, and this week I learned the average 30-year conventional mortgage rates dropped from over 7% to 6.73%. But before I sat down to write this newsletter, and tell you the good news, I checked the rates again (just to be sure), and according to Yahoo Finance, they dropped even lower! They’re now at 6.47%! Rates are getting better even before the expected drop by the Federal Reserve next month.
Now you might think, “Over 6% is still high.” But the thing is, lower interest rates change the market. Buyers and, more importantly, Sellers, will start to consider making a move. With lower interest rates, buyers will come back, and sellers will decide the time to list is now. People who have wanted to make a move, will decide a 3% rate is no longer enough of an incentive to sacrifice a more ideal living situation. Inventory will increase, and buyers will have a moment to really consider the best home to purchase instead of settling on one of the few homes available. We could actually have a balanced market! A market where both buyers and sellers are willing to work together for the common goal of closing their transaction, and where both parties win. Basically, an ideal real estate world.
Another change that is happening in Real Estate next week is the implementation of a new law requiring buyers and their agents to commit to one another for the home purchasing process. Buyers will select a Realtor® they want to work with, and that person will be their one and only representative to take them from shopping to purchasing, and all the way through escrow, until the buyer is in their new home. The buyer and the buyer’s agent will enter into an agreement to work together before touring any houses.
Something else that has changed lately, is an increase in the number of people looking to make a move. Maybe the lower rates will help accelerate those plans, maybe they’ll wait to see what the Feds do next month. Either way I’d love to help, and be a part of that journey. I’m no longer the teacher in the classroom. I’ve become a student over the last few years, learning new skills and putting them to practical use.
If you’ve got questions, I’ve got answers. Hit reply and let’s chat.
So many good changes,
Diana
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