More Buyers Are Making Moves. Is It Your Clients' Time to Move?

 More people are taking steps to buy a home. And, if your client has been waiting for the right time to move, this may be the sign they’ve been looking for.

For the past few years, a lot of would-be homebuyers hit pause on their plans. With rising mortgage rates and affordability challenges, buying just didn’t seem doable. But now, more of them are getting back out there. That’s because they’re getting used to the fact that this may be the new normal for the market – especially as forecasts show mortgage rates may be starting to stabilize. According to the National Association of Realtors (NAR): 

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Unlocking the Future of Mortgage Rates

In the ever-evolving world of real estate, one question is consistently top-of-mind for prospective homebuyers and real estate professionals alike: "What is the future of mortgage rates?"  While the current trend is a slight decline in mortgage rates, the expectation of a return to the rock-bottom rates of 3% seen in early 2021 seems improbable without another significant economic downturn.

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Are Homeowners Selling as Mortgage Rates Come Down?

The recent downward trend in mortgage rates is benefiting homebuyers in more ways than one. Not only does it improve affordability, but it also has the potential to inspire more homeowners to put their houses up for sale.

In the past year, the limited housing supply has been a challenge for homebuyers. Many homeowners chose to delay selling their homes when mortgage rates increased. They opted to keep their current lower mortgage rate instead of moving and taking on a higher rate on their next home. This created a shortage of available homes on the market.

However, early signs indicate that these homeowners are now ready to make a move. According to data from Realtor.com, there was an increase in new listings in December 2023 compared to December 2022. Typically, housing market activity slows down towards the end of the year as sellers delay their moves until the new year. This is the first time since 2020 that an upward trend in new listings has been observed during this time of year. It suggests that the rate lock-in effect is easing in response to lower rates.

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