What a Difference 75 Days Makes!

What a difference 75 days has made as far as mortgage rates are concerned. If you looked into buying a home in September / October of 2023 and thought man rates are just TOO HIGH, then now may be a great time to re-evaluate that. The analysis above compares where we were at 75 days ago versus right now in a real world example using a $600,000 purchase price.

If you're a homebuyer looking to purchase, now is a great time because we're in our typical seasonal lull until the first part of February. Right now there are less buyers hunting for homes and it's easier to get under contract right now. If you wait until spring, there's a good chance that rates may be even lower which will bring even more competetition to the market (harder to get your offer accepted). Not only will it be harder to get an offer accepted, we may find ourselves back in 'bid over ask' situations due to the increased the competition, and nobody likes overpaying for anything. Let us know if you'd like an updated analysis that's customized for you.

If you're a home seller, NOW is a great time to prepare to sell your home. Inventory remains limited and with the recent drop in rates, you'll get a lower payment on your replacement home and at the same time still get top market value for your home due to the low inventory situation. We also have a 'buy before you sell' program that will allow you to get into your next home without selling your current one first. Reach out for details or if you have any questions.

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