Here’s what you need to know about timing the market as a buyer.
Today, we’re discussing the relationship between election years and interest rates. Is this an opportune time to consider moving?
Without delving into politics, it’s worth noting that many people view an election year as a good time to make a move. This is mainly because some think that interest rates tend to fall during elections. Currently, rates remain below 7%, which is historically low. Despite this, inventory levels are still relatively modest, contributing to stable prices that haven’t experienced the anticipated decline.
“Property values could shoot back up this year.”
In fact, there’s a prevailing belief that if rates decrease further this year, property values could once again start to rise, potentially pricing more individuals out of the market. Consequently, many are opting to purchase homes now and secure a favorable rate while it remains under 7%. Should rates decrease in the future, homeowners have the option to refinance and reduce their payments. Conversely, if rates rise, they’re already locked into a home with a manageable payment.
Given these factors, there are compelling reasons to consider making a move now rather than waiting for uncertain developments in the future. If you have any inquiries about navigating a move or buying and selling in an election year with the prevailing interest rates, please don’t hesitate to call or text me at 602-738-9943. I look forward to hearing from you.
