08/24/2024
I just received another one of these texts, and it’s becoming a daily occurrence. I’m sharing this to highlight the current state of the real estate market. Just 18 months ago, we never got messages like this because homes were selling like hotcakes. But with rising interest rates, this is the new normal.
I’ve said it before, and it’s worth repeating: now is the best time in the last four years to buy a home, thanks to the lack of competition. Yesterday, the Fed announced a shift in monetary policy, signaling a reduction in the federal funds rate, which will eventually bring down mortgage rates. When that happens, these texts will disappear, and buyer competition will skyrocket.
If you’re considering buying, do it now before you’re competing against 20+ offers on the same house. Remember, you can always refinance when rates drop.