"In the middle of difficulty, lies opportunity." - Albert Einstein
To state the obvious, it has been a tumultuous week in banking.
With the collapse of Silicon Valley Bank (SVB) and Signature Bank, we have seen the effects of banks being over-leveraged in positions like long-term securities, bonds and cryptocurrencies as everyone navigates an evolving economic market.
However....this collapse has resulted in an unexpected positive in the Real Estate market.
We have seen a significant improvement in rates in the past week! Our contact at Wells Fargo just quoted us 5.625% for a 30 year fixed with no points. This is down from 6% just a week ago!
There is also a strong possibility the Fed may slow their rate hikes. We were previously anticipating a 25-50 basis point increase....now we believe it will be only 25 basis points or potentially no raise at all.
Strategy for Sellers: We are still in an inventory-starved market. We are anticipating more inventory in 8-10 weeks so if you are motivated now, you have a premium in the current timing of this market. And with the decrease of rates, buyer motivation will surge in order to lock in a solid rate while they can.
Strategy for Buyers: Due to the banking collapse, you have a window of time to lock in a strong rate. While we can't predict the future of when, the Fed is still battling inflation with future rate hikes. If you have been waiting for a sign on the right time to buy, these lower rates present you with an ideal opportunity.
If you or anyone you know needs assistance navigating this tricky market, please don't hesitate to reach out to our team!
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Keller Williams
2022 Awards
The Pickett Real Estate Group is proud to receive 3 highly prestigious Keller Williams Advisors awards for 2022!
TOP TEAM
TOP UNITS & GCI
DOUBLE PLATINUM ACHIEVEMENT
It is an honor to serve our clients and pour our hard work into their success. A special thank you to everyone who supports our team! --
Client Success
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If you or someone you know needs help buying or selling Real Estate, contact us for a complimentary consultation!
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