When the cost of money goes down, that means affordability increases for buyers and for sellers. It means that buyers can potentially pay more for your home and get a lower mortgage rate.
We saw rates drop below 6% last week.
The unemployment rate is still very low in the 3 to 4% range.
The last thing here to consider is that we have a Fed meeting coming up in February and the Fed Market Watch Tool, the CME Market Watch tool, says that we’re going to see a 25 basis point increase down from the 50 basis point increase at the last meeting, which is good. It means the Fed’s pulling back their policy a little bit.
So all this economic jargon aside, what does this mean for sellers and buyers?
Tune into episode 306 of Tom’s Take now and find out!