What Mortgage Rate Are You Waiting For?
Hey there, savvy home shoppers of Virginia's Northern Neck! If you've been eyeing those charming waterfront properties or cozy cottages in Northumberland, Lancaster, or Middlesex counties, but holding off due to mortgage rates, I've got some exciting news for you.
The Tide is Turning on Mortgage Rates
We all know mortgage rates have been making waves in the housing market lately. But guess what? The waters are starting to calm, and rates are actually coming down. In fact, they've just hit their lowest point in 2024, according to Freddie Mac.
What the Experts Are Saying
Now, I know what you're thinking - "That's great, Mary, but how low will they go?" Well, I've been chatting with some industry experts, and here's the scoop:
- The general consensus is that rates in the low 6s are possible in the coming months.
- Realtor.com has revised their 2024 forecast, predicting an average rate of 6.7% for the year and potentially dropping to 6.3% by year-end.
What This Means for You
If you've been waiting on the sidelines, now might be the perfect time to dip your toes back in the water. As Sam Khater, Chief Economist at Freddie Mac, puts it: "The decline in mortgage rates does increase prospective homebuyers' purchasing power and should begin to pique their interest in making a move."
Your Next Steps
1. **Decide on Your Magic Number**: What rate would make you ready to jump back into the market? Is it 6.25%? 6%? Or are you holding out for 5.99%?
2. **Let's Team Up**: Once you have that number in mind, give me a call. As your local Northern Neck real estate expert, I'll keep a close eye on the rates for you and let you know the moment we hit your target.
3. **Start Dreaming**: In the meantime, why not start browsing some of our beautiful local listings? From waterfront estates to quaint village homes, the Northern Neck has something for everyone.
Bottom Line
The tides are changing in the mortgage market, and it could mean smooth sailing ahead for your home buying journey. Don't let this opportunity drift away - let's chat about your home buying goals and get you ready to make your move when the time is right.
Remember, whether you're looking for a weekend getaway in Irvington, a family home in Kilmarnock, or an investment property in Urbanna, I'm here to guide you through every step of the process.
Ready to talk? Give me a call at 804-938-4663 or drop me an email at Mary@NNKhomes.com. Let's make your Northern Neck dream home a reality!