Home seekers hungry for lower mortgage rates and more inventory might be surprised at what 2025 brings.
Transcript:
CONWAY GITTENS: So if the Federal Reserve does continue to lower interest rates, how might that impact your scenario for the real estate market in 2025?
RYAN SERHANT: It helps affordability. It helps that first time home buyer be able to get into a home without parents support, lower rates change the game for everybody. We’ve never had a rate increase as fast as what we’ve had coming out of COVID. Inflation was painful for everyone, not just on home prices, but across all asset prices, all good prices. It’s a real, real issue. So rates coming down affects everyone’s ability to be able to buy more and you create more buyers that way. Now we have buyers who are sitting on the sidelines. They’re not moving or they’re continuing to rent or they’re staying at home because they can’t afford the monthly payment. You don’t it’s not just the home price. You don’t live in the home price. You live in that monthly payment. And if we’re able to bring that monthly payment down, you again, you bring more people out to the open houses and into showings and it just creates a better housing market for everybody.
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