Tag: interest rates

Mortgage Interest Rates Drop

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After months of high interest rates, mortgage rates are declining. This rate decline means good things for sellers. While it’s true that you should consider selling your home if the timing with the financial market andyour situation aligns, now is a great time to get your house on the market. A Mel Foster Co. agent can help you get started.

Interest rate cuts from the Federal Reserve Bank have begun and are expected to continue into 2025. This decline in mortgage rates is driving more buyers into the housing market. Mortgage rates have decreased significantly since the beginning of August 2024.

Home sales have also increased after months of declines. So, if you’re a homeowner thinking about selling, a spike in buyer activity works in your favor. Since the market has become more accessible to a wider range of buyers and there is more competition for available homes, these factors can lead to higher offers and your home may be on the market for a shorter period of time.

Work with your local Mel Foster Co. agent to make the most of increased buyer demand and get your house ready to sell. Focus on these projects first when preparing your house to sell:

  • Find a Mel Foster Co. agent and use their expertise from the start
  • Consider a pre-sale home inspection to determine any trouble areas to correct
  • Invest time in your home’s curb appeal
  • Declutter and tidy up storage areas like the garage, basement and closets
  • Do the deep clean
  • Gather warranties and user manuals to pass along at closing

Find more selling tips for homeowners.

When is the Right Time to Sell?

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Timing Right?

Some homeowners feel their current house isn’t their forever home. Here are a few signs it may be time to start your search for something new.

  1. Your Home Doesn’t Fit Your Needs

If your family is growing, or you’ve recently become an empty nester, it’s probably time to start searching for a new home. Consider location, size, and layout when finding your next home.

  1. It’s a Seller’s Market

You can always count on the real estate market to provide shifting trends. Fortunately right now it’s a seller’s market and most homes are selling quickly. There is currently more demand for homes than the market can meet. If you’re on the fence it might be time to strike while the irons are hot.

  1. Your Interest Rate is High

Currently interest rates on mortgage loans are historically low. If you’re paying a mortgage with a high interest rate, it’s time to start searching for new opportunities. You can consider refinancing or maybe this is the push you need to find a different home. You’ll want to act quickly, as interest rates are expected to increase throughout 2018.

  1. Your Mortgage is Completely Paid

If your mortgage is completely paid off when you sell your home, you can reap the financial rewards of making years of payments. If you’re looking to downsize significantly, consider a smaller home that requires less upkeep. It’ll save you time and money if the home doesn’t require constant care.

Follow these tips to start preparing to sell.

Why You Should Buy During the Winter

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Buy in the Winter.

House hunting during the colder months may not be the most popular time of year to look, but there are several upsides to consider.

  1. You Face Less Competition in the Winter

Approximately 50% of homes sold during the year are sold during summer months. If you purchase in the winter, you may avoid stressful bidding wars and sellers can be more eager to close quickly as they have fewer offers to choose from. They may also try to sweeten the deal with additional incentives when you buy during this time frame.

  1. Sellers are Motivated

A motivated seller is great news for the buyer. If they’re trying to sell quickly due to relocation or other time constraints, they’ll be more flexible when it comes to price. It’s also possible the house has been on the market for an extended period of time, maybe since last summer, meaning the seller is ready to close as quickly as possible.

  1. Interest Rates May Increase

Interest rates can have an impact on your budget when buying a house. The direction of interest rates is never certain, but many analysts think the rates will increase, maybe even multiple times in the year, due to a strong economy. Consider that the sooner you buy, the further your money will go.

  1. Housing Prices are Rising

Housing prices on average have steadily increased the past several years. This upward trend is expected to continue according to real estate analysts.

Find a Mel Foster Co. agent in your town.


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