The Federal Reserve announced yesterday after its two-day meeting that interest rates will remain unchanged. However, things look hopeful for September. According to Federal Reserve Chair Jerome Powell, the strengthening economy and cooling inflation are paving the way for a widely anticipated September rate cut—the first in four years.
Brett House, an economics professor at Columbia Business School, says, “The first cut will not make a meaningful difference to people’s pocketbooks, but it will be the beginning of a series of rate cuts at the end of this year and into next year that will.”
For those considering selling this fall, this is encouraging news, as prospective buyers may be more motivated to purchase.
Given that we’re more than halfway through summer, I highly advise those planning to sell this fall to begin preparing now to put their homes on the market. While a 60-90 day preparation window is ideal, a 30-45 day window should suffice for most people. I created a video a little over a year ago with tips on how to prepare to list your home for anyone interested.
With the right pricing and marketing strategy, sellers should be able to successfully sell their homes this year. For those unfamiliar, Brown Harris Stevens offers a Curate program that allows sellers to defer renovation and staging costs until after closing. We also have a partnership program with an impressive list of brand retailers—from furniture and staging services to electronics and home appliances—that provide discounts.
Additionally, I want to reiterate that the notion that an election year impacts market activity has been debunked by housing economists. For anyone hesitant to sell due to this belief, rest assured that your decision can still be well-timed. Please reach out if you have questions about our programs, the market, or need general advice regarding your real estate needs.