Interest rates have dropped, which is good news for buyers and sellers.
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In case you haven’t heard, interest rates recently dropped to as low as 3.5% on a 30-year fixed basis. Just a year ago, they were hovering in the high 4% range and even began inching toward 5%. If you’re a buyer, this means you can buy a $360,000 home right now for the same mortgage payment that you would’ve paid last year for a $300,000 home. Interest rates matter if you’re selling a home as well. Since buyers can afford more, you can sell for more. This is why our market continues to be strong.
If you have any questions about this or any other real estate topic or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.
