3 Significant Interest Rate Cuts expected in 2024!

Check out real estate industry expert Brian Buffini's interest rate projection graphic above! We are preparing for a busy Real Estate Market in 2024! Today, the interest rate for a 30 year fixed rate mortgage is hovering right around 7%, but we are anticipating 3 additional rate cuts this year and for rates to get below 6% by the end of 2024 and continue to drop into early 2025.

What does this mean for homebuyers? There are many factors to keep in mind when you are considering a home purchase, interest rates are not the only one, however it is important to know how these are going to impact both buyers and sellers in the months to come. Once rates dip under 6%, it's going to start a buyer frenzy! Everyone will be trying to take advantage of lower rates. Here is the negative to that, when there are more buyers in the market for a home, there are multiple offers meaning homebuyers will be less likely to have their offer chosen on their desired home and they will have less opportunity for home inspection repairs to be requested, among other concessions!

Let me help you develop a better plan!! There is so much opportunity in the market right now! For example: seller interest rate buy downs, full inspections with repairs completed by sellers, special incentive programs for homebuyers in certain census tract areas around Richmond (not just first time homebuyers)... the list goes on and I can tell you all about them!

I am always looking out for you and keeping you informed! Please don't hesitate to reach out if you have any questions about these special programs & incentives or where things are going in your neighborhood. If you want to take advantage of this unique market, let's have a conversation about your real estate goals. And the best compliment I could ever receive is for you to send another wonderful client my way. I am always here for you and the people you care about!