Fed Cuts Interest Rates 1/2%; Time to get off the fence

I received this email from one of my lenders. 

If you’ve been waiting to buy or sell a home, now is the best time in years.

The email I received from a lender said, “The Fed after the 50bps rate drop announcement chatted about there being two more rate drops by the end of the year. We don’t know exactly how much those drops will be, but we will stay optimistic.

“There are thousands of buyers in Utah who have been on the sidelines waiting to buy till this very moment…

“Here is where I see rates sitting after this first rate drop for a well-qualified buyer:

• Conventional: Mid to high 5’s
• FHA: low 5’s
• VA: low 5’s high 4’s

 “From our all-time high interest rates only a few months ago people are approved for much more money. Compared to all time high and what rates are sitting at now your client who was approved for $400,000 could very well be approved for $500,000 today.”

So, the time to act is now. Whether you’re buying or selling, let’s get together and work out a plan to get your home sold or get you into the home of your dreams. If not you, then someone you care about.

At the very least, subscribe to my monthly newsletter, Neighborhood News, so you can keep up with what’s going on in your neighborhood.