The FEDS CUT the RATE!!!

Did you hear the latest NEWS??? Today the Federal Reserve cut the rate by .5% which will help the real estate market and have a direct impact on every buyer and seller in the country! How...? Well, there have been many buyers who were waiting for the rates to drop a little so they could afford the monthly payment, now that the rate is in the mid 5% (just had a client lock in 5.5% on a 30 year fixed CONV loan product) the buyers who were on the fence will now jump back into the market and see if the inventory has anything that they are interested in! On the selling side there is still low inventory in some particular areas and products. Single Family Residence inventory is only at 4.3 months and the list prices continue to come down. This is a double edge sword and has to be approached with caution. Do not list your home higher than the market value and try to negotiate down...ALWAYS list your home with a strategy that will help you receive 2-3 offers and have buyers compete for your home...If you would like a strategy call then hit me up and I will walk you through it. The condominium and townhouse market, might as well include villas as well, all have some tough challenges ahead... the 40 year and 50 year inspections are due for many of those developements and new laws are going into effect in January of 2025. The new laws will require ALL CONDOMINIUM complexes to have RESERVES... This may cause the association to assess each unit owner for the difference and may cause many unit owners to sell, or just walk away because they can't afford the increase in their monthly dues!