How Fed Rate Impacts San Diego Home Buyers
George Lorimer
Thursday, September 19, 2024
The Fed drops the rate by 50 basis points or 1/2%. How does this affect you as a San Diego home buyer or seller?
It is good news because the Fed's reduction of the rates will filter to lower mortgage rates.
Earlier this year, mortgage rates were pushing 8%; now, you can get a loan in the 5s. This is huge for homebuyers because it makes our expensive houses more affordable.
The good news is that there are double the number of homes on the market than last year, so you get #1. more choice and #2—negotiation power.
Also, I can find you all the homes on the market AND have access to Off-Market and UNLISTED homes. I pay for all the target marketing; you're never obligated to buy a home.
Home sellers, this is good news for you because the more affordable the payment (lower mortgage rates), the easier they can afford and buy your home. And when you go to buy the next home, you will get a lower mortgage.
More buyers means a quicker sale and a better price for homeowners.
What's My Home Worth?
Call or text me today to discuss buying or selling a San Diego County home. George Lorimer at 619-846-1244.
George Lorimer, ProWest Properties, DRE# 01146839, *Conditions apply.
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