Rate Cuts! Are you Ready?

TAYLOR LAMBERT August 28, 2024

Giving you a quick update on this sunny Wednesday. In case you've missed it, Jerome Powell officially shifted his tone at the Jackson Hole meeting held last Friday, signaling our 1st rate cut, as he noted, "The time has come." This would certainly trigger a cut in September as the Fed meets once again on September 17th - 18th for another public economic update. Fingers crossed for a 50bps cut!

In the meantime, prepare to do the following regardless of whether you already own a home, looking for a home, or thinking of selling a home.

Homeowner Looking to Refinance

Assess your financial situation and address any issues or discrepancies on your credit reports.
Gather essential documents needed for the refinancing application. These typically include recent pay stubs, tax returns, bank statements, and information about your current mortgage.
Line up 3-5 qualified and reputable lenders and inquire about associated costs with refinancing (I can connect you to some great ones).

Homeowner Looking to Sell

Reach out to an experienced agent to get a market analysis for your home/neighborhood.
Improve home conditions and address necessary repairs to achieve top dollar (don't do this by yourself! We can show you what upgrades will get you top ROI. If you do it yourself you might be needlessly spending money).
If you're selling to upgrade, start talking to a lender and plan for your next purchase.

Buyer Looking for a House

Work with a good realtor. When demand surges, only good realtors will know how to handle the situation with swift and efficient actions. You can't afford to waste time! Time = Money in this market!
Discuss with at least 3-5 qualified and reputable lenders and get pre-approved.
Be flexible. If your schedule allows, attempt to tour as many houses as possible during weekdays. Sometimes, houses don't even sit past the weekend for you to even check it out. When it's a pressing matter, the early bird gets the worm!

Got more questions? I can help so let me know!