{"id":21490,"date":"2024-10-02T00:51:28","date_gmt":"2024-10-02T06:51:28","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=21490"},"modified":"2024-09-30T14:54:00","modified_gmt":"2024-09-30T20:54:00","slug":"falling-mortgage-rates-are-bringing-buyers-back","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2024\/10\/02\/falling-mortgage-rates-are-bringing-buyers-back\/","title":{"rendered":"Falling Mortgage Rates Are Bringing Buyers Back"},"content":{"rendered":"

BY ANNA & MICHELLE<\/em><\/p>\n

If you\u2019ve been hesitant to\u00a0list your house\u00a0because you\u2019re worried no one\u2019s buying, here\u2019s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors.
\nAnd the\u00a0Federal Reserve\u00a0cut the Federal Funds Rate again this month. And while they don\u2019t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have \u2013 especially since more cuts from the Fed are expected into next year. And lower\u00a0mortgage rates\u00a0are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at\u00a0Bright MLS, says: \u201cA drop in the cost of borrowing will help fuel more homebuyer demand \u2026 Falling rates will also bring more sellers into the market.\u201d The best part? You can\u00a0take advantage\u00a0of that renewed buyer interest.<\/p>\n

As Rates Fall, Buyer Activity Goes Up<\/strong>
\nThe\u00a0graph below\u00a0illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the\u00a0Mortgage Bankers Association\u00a0(MBA)\u00a0Mortgage Application Index, which tracks the number of mortgage applications.
\nAs you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below)<\/p>\n

\"\"<\/p>\n

What This Means For You<\/strong>
\nAccording to the\u00a0National Association of Realtors\u00a0(NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you\u2019re a homeowner thinking about selling, this uptick in buyer activity works in your favor.
\nMore buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the\u00a0Mortgage Bankers Association\u00a0(MBA), this trend is expected to continue: \u201cMBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and\u00a0lead to increased activity in the housing market.\u201d
\nAll in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.
\nWith more buyers entering the market, now\u2019s the time to start getting your house ready\u00a0to sell.<\/p>\n

What\u2019s Next?<\/strong>
\nThe recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Let\u2019s work together to take advantage of this increased buyer demand and get your house ready to sell.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

BY ANNA & MICHELLE If you\u2019ve been hesitant to\u00a0list your house\u00a0because you\u2019re worried no one\u2019s buying, here\u2019s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. […]<\/p>\n","protected":false},"author":1,"featured_media":21492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":{"0":"post-21490","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-better-homeowners-news","8":"category-sponsored"},"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=21490"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21490\/revisions"}],"predecessor-version":[{"id":21493,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21490\/revisions\/21493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/21492"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=21490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=21490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=21490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}