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Interest Rates Dropping, what does this mean for the Buyer?

Saturday, January 28, 2023   /   by Rosie Carroll

Interest Rates Dropping, what does this mean for the Buyer?

So the chatter amongst lenders I've spoken too, all say by April/May rates will be dropping. SO, for a short time rates may be jogging up and down until things smooth out and they settle.

What does this mean for the buyers? Well, Yavapai County is still at a record low for inventory...meaning there isn't much of a selection to begin with...Prescott is at a record low of 300's count.

When interest rates drop, it makes it more affordable for buyers to purchase a home. This leads to an increase in demand for properties, as more buyers are able to qualify for mortgages. However, if there is not a sufficient supply of properties listed for sale, it can add to the shortage of available homes for buyers.

This can result in bidding wars and higher home prices. Additionally, low interest rates can also lead to a rise in home values, making it more expensive for buyers to purchase a home. So, when the interest rate drops, it's a good time to put your house on the market as there will be more buyers in the market looking for properties.

If you are able to find a property meeting 'most' of your wants and needs, NOW is a great time to buy!

Long Realty Uptown/Prescott
Rosemary Carroll
107 N Cortez St 101
Prescott, AZ 86301
Rosie Carroll

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
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