Sam Khater, Chief Economist at Freddie Mac, says that mortgage rates have fallen below 3% for the first time in 50 years. Of course this is great for buyers, but also it is an advantage for sellers as well!
Buyer Advantages
Low Rates are obviously a huge advantage; home buying is extremely affordable right now. A lower payment means savings that can add up significantly over the loan term. You may even be able to get a bigger home than you could have afforded at a higher rate. This may allow you to get a home office, more space for your family, or a larger property – all of which are in high demand right now!
Seller Advantages
Timing could perhaps be the biggest advantage sellers have right now. If your home has some of the features buyers are looking for right now, you could leverage their sense of urgency. Other potential sellers may still be hesitant to list right now, which results in lower inventory. If you are comfortable with listing, or might be comfortable with listing, now could be a perfect time for you list.
Key Point
Now is still a great time for buyer or selling homes. We are here to talk you through any questions you may have on either side of the process. Call us for a free consultation today!
