Current Market Climate + 2024 Mortgage Rate Predictions
Updated: Nov 6
Perspective is key! 🔑 Did the frequency and intensity of bidding wars plus rising interest rates make you put your home search on hold? If so, you should know that this is an interesting moment in time for buyers. Here is what we are seeing in the current market, and a big reason why I’ve had buyers reach out to me to be connected to lenders for a pre-approval. (Better yet, get completely pre-underwritten to present a stronger, more confident, quicker close. 💪🏼)
1. Interest rates saw a slight decrease at the end of the week. Here is an overview of what experts are predicting for 2024. 📉
2. More sellers are accepting contingencies, willing to negotiate terms and credit for an interest rate buy down. Lenders are willing to automatically refinance for free when rates drop📉, and there are a number of first time homebuyer, affordable housing and career-specific loan options to explore.
3. We are seeing the occasional multiple offers on homes that are special and priced perfectly, so aligning with a broker who can identify value and opportunity is key so a buyer doesn't miss out.
4. As rates decrease overtime and pent-up buyers get back into the market, we anticipate the return of bidding wars and appraisal gaps. Whereas buyers finding success in today’s market will benefit from the price appreciation and rising equity while being able to refinance.
Buyers need to align with a professional who understands current market values, can negotiate with data and rapport, assist them in their lending options and help create win-win outcomes.
Brokers like this are not the norm. We are coming off of two years of trying to hold onto a speeding train and now we have the opportunity to steer it through expertise. Expertise is earned and I could not be more passionate about helping my clients navigate the new normal with the tools and experience I bring to the table. I am invested in my clients' goals and strive to empower strong decisions through thorough research, sound counsel, and clear advocacy.
Please reach out if you are curious about how today's market matches up with your goals or if you know someone I can help.