In a recent video, real estate experts Jaysen Barlow, Dave Barlow, and Rich from Equitable Mortgage provide a market update with valuable insights into the current state of the real estate market and interest rates. Let’s dive into the key takeaways from their discussion:
Interest Rates on the Decline
The conversation kicks off with optimism as Rich mentions that “interest rates are coming down.” This is significant news for prospective homebuyers and those looking to refinance their existing mortgages.
Jerome Powell’s Remarks
Rich elaborates on Jerome Powell’s statements, the President of the Federal Reserve. Powell spoke about the possibility of three rate decreases in 2024. This forward-looking information is essential as it indicates potential changes in the mortgage market, even though rates were left unchanged at the moment of the discussion.
Market update: Mortgage Rates
Rich mentions that the average 30-year fixed-rate mortgage is currently around six and a half percent. However, he emphasizes that this rate can vary based on factors such as loan amount, loan-to-value ratio, and credit score. Some borrowers may even secure rates in the lower six percent range.
A Buyer’s Market
With interest rates decreasing, Jason and Rich discuss how this is an opportune time for homebuyers. Rates in the six percent range provide favorable conditions for buyers, increasing their purchasing power. They highlight that this period may be an ideal time to enter the market before the spring rush.
A Surprisingly Active December
Dave Barlow discusses the unusual uptick in activity for December, a month traditionally considered slow in real estate. He notes that this trend began in the previous year and continues, defying expectations. The team attributes this partly to favorable interest rates.
Market Update: Listings on the Rise
There is also an increase in the number of listings, with approximately 3100 active listings in contrast to the lower numbers observed earlier in the year. This uptick in listings further contributes to the current buyer-friendly market.
Act Now
Jaysen encourages both buyers and sellers not to miss their window of opportunity. He advises sellers to consider listing their properties in January to take advantage of the active market. Additionally, he suggests that those who purchased homes at higher interest rates last year should consider refinancing while rates are lower.
Market Update: Expert Advice
Rich offers his expertise to those considering refinancing, emphasizing the importance of evaluating whether refinancing makes sense based on individual circumstances.
The Dream Team
The video concludes with the team introducing themselves and inviting viewers to subscribe to their channel for regular market updates and real estate advice.
In summary, the discussion provides valuable insights into the current state of the real estate market and interest rates. With declining interest rates and an unexpectedly active December, it’s a favorable time for both buyers and sellers to consider their options in the real estate market. Refinancing is also a viable option for those looking to lower their mortgage rates. For expert guidance and personalized advice, the team encourages viewers to reach out to them.
Please note that the information provided is based on the discussion in the transcript and should be used as general guidance. Specific financial decisions should be made after consulting with a qualified financial advisor.
