Interest Rates. A Historical Perspective.

As we start a new year, the real estate market is once again shifting. Many experts project that rates will finally start to decline. When that happens, it’s anticipated that there will be an influx of buyers and sellers ready to enter the market.

Interest rates have always fluctuated, but on average have hovered in the 5-10% range for the past three decades. Industry experts believe rates will potentially fall to the low 6 percent range by the end of 2024. I hope this helps bring some perspective if you’re contemplating buying or selling your home.

There has been so much talk in the media about what is happening in real estate now, whether it is limited inventory or high mortgage rates. I know it can be so confusing!  So this month I am sharing with you a flyer that offers some well-researched insights on what’s projected for the market in 2024 (check your mailbox). It also lists the top reasons people move — number one is to be closer to family. That's not surprising, especially after so many of us were apart during the pandemic years. This flyer also has some interesting stats on millennials and baby boomers and their potential impact on the market. And it also has a graph that’s a great reminder to keep in perspective how much mortgage rates have fluctuated since the early 1970s. Want to be included in the mailing list? Send me your mailing address.

(Version en Español disponible por correo electrónico).