Phew! It has been quite a week for the economy. Earlier in the week, the stock market saw the largest decline in years. The Fed stepped in on Tuesday and lowered the federal funds rate by 3/4 points sending out mixed signals to investors. The stock markets started a recovery after the rate reduction only to finish out the week with another high decline. The day after the federal rate decrease, the 30 year fixed mortgage dropped temporarily to right about 5%. Home buyers just got a huge push off the fence!
Activity in our office was up again this week. The phones continued to ring off the hook, even more so than last week, and we’ve had a steady influx of new potential buyers. These new leads should translate to contracts within the next 30-90 days. This week our listings saw an average of 2.4 showings each which is a slight increase over last week and the highest we’ve seen since October. If my predictions are correct this trend is sure to continue. So, my advice for sellers is to make sure your price is competitive then just hang in there, because a wave of buying is coming.