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A SUMMARY FOR SELLERS: If you’ve been waiting to sell because you didn’t want to take on a higher mortgage rate or you thought buyers weren’t out there, the recent decline in mortgage rates may be your sign it’s time to make your move. Of course, it remains important that you price and present your house in its best light. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.
A SUMMARY FOR BUYERS: Home affordability depends on three things: mortgage rates, home prices, and wages. The good news is, they’re all moving in a positive direction for buyers. The rates are coming down, home prices are predicted to increase through 2028 ensuring increasing home equity, and wages are increasing at a faster pace than normal. Considering the impact that owning a home will have on your overall net worth, the sooner you jump into homeownership, the better.
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