Finding the best time to buy or sell a home is tricky business. There are favorable times of year, seasons, and markers in your own personal life or that of your community. However, we are entering an interesting time right now with increase financial market activity and one change in particular that could make selling your home easier than it has been for the past several years.
Why is Right Now a Great Time to Sell?
In late July, the Fed cut interest rates by a quarter point. This is the first time since 2008 that interest rates have been lowered. This seemingly small cut can mean big changes for business, borrowing, and the trickle-down effect of economic decisions. Even talks of a lowered interest rate caused some stir in the discussion and plans for lending rates amongst banks across the country.
What Does it Mean for Sellers and Buyers?
With lowered interest rates and increased expected market activity, borrowing money to buy a home will be more favorable than it has been in years. The reduced rates may encourage prospective buyers to take the leap and buy now while the lending rates are more favorable. This means that, as a seller, you’ll have eager buyers who are more likely to act now while the rates are lower. The proposed increase in economic stability and growth that this interest rate change suggests also means that people may be increasing their spending and lending as their financial situations also improve.
How to Take Advantage
If you have been considering the sale of your home or homes, now is a great time to act. The financial market is favorable for sellers at this time. Consider your readiness to sell and contact an agent to learn more about how you can take advantage of this recent shift in interest rates. Now could be the best time for you to make the move to sell your home.