Real Estate Basics by John & Beth

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The housing market is heading into a pivotal spring as seller's have been holding out for their sweet spot, but what exactly does that mean?

📉 With 30-year fixed-rates hitting their peak in October 2023, currently hovering around 6.50%, along with the Federal Reserve hinting at a rate cut in 2024, potential sellers started to feel optimistic about the market and listing their homes!

🔨 A recent studio by Harris Poll showed that 50% of potential homebuyers would start looking at buying a new home if interest rates dropped to 6.50% or less.

💴 Builder incentives have created affordability and motivated homeowners to purchase new construction and sell their existing homes. The rate buy-downs and discounted closing cost offered by builders continues to provide potential homebuyers an option to upgrade while helping create inventory.

👨🏼‍🦳 Boomers are currently the largest generation of homeowners. As they begin to retire, relocate and/or downsize, coupled with the lowering interest rates, this could create a surge in sellers hitting the market, building much needed inventory.

🌷 With spring typically being the hot selling season, coupled with the optimism of decreasing interest rates, builder incentives, and Boomers on the move... we just may see the market pivot and create a win-win for sellers, with increased inventory to shop!! 🏡

Real Estate Basics by:
John & Beth ☘️