Mortgage Rate Drops

[Devin James]

Every time mortgage rates drop, we see significant increase in Buyer activity. When mortgage rates dropped earlier this month, we received a significant amount of showing requests on our listed homes, which ultimately led to multiple offers.

How will Buyers react if the Fed rate drops in 2024?

[Nathan Gesner]

Quote from @Devin James:

That's the problem. A lot of buyers are on the sidelines because rates are so high. When rates drop, everyone will jump back in. This could drive prices up and make things worse.

The better option is to buy now when there's less competition. Find the property that works for you and snatch it up. Maybe you can negotiate some concessions or a price reduction since the market is slow. Then when rates drop, you can refinance and bring the payment down instead of competing with the masses as prices climb.