Rates have had a pretty dramatic improvement since yesterday’s fed announcement

[Logan M.]

Rates have had a pretty dramatic improvement since yesterday’s fed announcement. 

As you have probably heard, they are projecting at least 3 cuts in 2024. Markets have responded well. Rates are down about .25% in the last 24 hours. 

You will start to see lower 6’s being advertised.

I think this is a pivotal moment where if you don't get into the market now the next few years will be brutal as competition and pricing increases.

Macro, strong demographics, and pent-up demand with a lack of inventory.

[Michael Dumler]

@Logan M., I concur. I've been trying to reiterate this to my buyers/clients. The same high-intensity buyer demand we experienced in 2021/early 2022 is going to be here again. While I'm speculating, I'm sure properties in my market are going to start receiving offers above asking again. Moreover, the inventory issue is not going to be resolved anytime soon so I'm expecting prices to continue to appreciate as we head into 2024.