Purchasing Power Declines as Rates Rise... Again
Many hoped for relief when the central bank finally began cutting interest rates in September. Yet mortgage rates have been volatile over the last two months. After initially dropping, they’re now surging back up again.
With the rates staying high and the election coming up I'm still seeing hesitancy from Buyers and bit more stagnancy in the overall market, after a brief surge when the rates dipped a few weeks back. From the conversations I've had recently, I can say there is quite a bit of pent up demand that is waiting for an opportunity to make a move when rates do come down. This is what the Fed is keeping a close eye on and letting cool off in a strategic way, so my best guess is that although rates will come down, but it will most likely be a gradual over time. For homes in Bend at break in price points or over $1M, sales seem to continue on without change. For everyone else, it's been a hard selling season this time around but there are always ways to gain a competitive advantage and make it happen. Give me a ring if you'd like specific advice! - Greg
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