See why buyers are returning as interest rates drop this fall.
Are you on the fence about buying or selling? You’re not alone as a lot of buyers and sellers are also hesitating, especially in the market condition that we’re in. The good news is that as we head into fall, there are some exciting shifts in the market that could be the opportunity you’ve been waiting for.
This opportunity comes in the form of the changes in the interest rates. We’ve noticed that they’ve come down by anywhere from half to three-quarters of a percent, depending on your credit and the loan program you qualify for. Now, it takes some time for this to impact the market, but we're already noticing some buyers who’ve been waiting on the sidelines starting to jump back in. With the election season upon us, we expect interest rates to keep dropping.
"Prices have been trending slightly down or staying flat, which could mean it's a great time to consider buying."
However, there’s more to the story than just interest rates. August is traditionally a time when we see the most homes hit the market—and this year was no exception. We’ve got 620 homes in Long Beach, 13,575 in LA County, and 4,477 in Orange County, leading to a more balanced market. It’s not all about sellers or buyers having the upper hand; instead, we’re seeing a three-month supply of homes, meaning negotiations are fair for everyone.
Sales are a little slower right now due to the higher rates earlier in the year, but we expect that to change. As of August, prices have been trending slightly down or staying flat, which could mean it's a great time to consider buying. And if you’re selling, remember: it’s all about timing and making the right move.
If you’ve got questions about your next steps, feel free to give me a call at 562-316-2915. Whether you’re buying, selling, or just curious, I’m here to help you navigate the fall market with confidence.
