โจ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐โจ
โจ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐โจ
Rates fell to the lowest levels since August of this year.
Is that good news?
Yes, and no.
Yes, because your mortgage would be positively impacted with a lower monthly payment compared to near 8.5% rates just a couple months ago.
No, because, they are still relatively high compared to the pandemic years. (๐๐โ๐ฅ๐ฅ ๐ฅ๐ข๐ค๐๐ฅ๐ฒ ๐ง๐๐ฏ๐๐ซ ๐ฌ๐๐ ๐ซ๐๐ญ๐๐ฌ ๐ญ๐ก๐๐ญ ๐ฅ๐จ๐ฐ ๐๐ ๐๐ข๐ง!)
As rates decrease, more and more buyers will be coming back into the market, increasing competition and pushing prices higher up because of it.
Prices are relatively stable right now.
We are still seeing multiple offers, but there is a lot less competition because of rates and just because of the time of year as real estate is cyclical.
๐๐๐ฌ๐ญ ๐๐๐ฌ๐ ๐ฌ๐๐๐ง๐๐ซ๐ข๐จ:
Buy soon, before the frenzy begins again while prices are lower.
Refinance as rates come back down in the next few years.
P.S. Donโt hold your breath for a crashโฆ
๐ฆ๐๐๐ฅ๐ & ๐ฆ๐๐ฉ๐!
๐๐ผ๐น๐น๐ผ๐ on Instagram ๐๐ผ @joan.lamond ๐๐ผ for #realestatetips & #luxuryhomeinspo
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