What Today’s Rate Drop Means for Buyers and Sellers

By Will Fendon

For nearly 20 years, Will Fendon has been a top-producing Realtor in Portland, Lake Oswego, West Linn, and surrounding areas.

Have you been watching mortgage rates and wondering if now is the right time to buy or sell? Mortgage rates recently dropped below 6% for the first time in a long time, and that’s creating opportunities for both buyers and sellers.

Let me break down what this means and what actions you might want to take, whether you’re buying or selling.

Opportunities for buyers. If you’ve been holding off on buying because you’re worried about monthly payments, now is one of the best opportunities we’ve seen in a long time. Currently, rates are at 5.99%, which means your payments are lower than they would have been just a few months ago. On top of that, there are still sellers willing to contribute toward closing costs in some areas, and certain neighborhoods have more homes for sale. This gives you a chance to negotiate a stronger deal.

There are also loan types you might not have considered. FHA loans, adjustable-rate mortgages, and other payment structures can offer better interest rates than a standard 30-year fixed loan. Exploring these options now could make buying a home more affordable than you might expect.

Opportunities for sellers. If you’re thinking about selling, the market has felt like a buyer’s market recently, with buyers being very aggressive. With rates dropping, that dynamic may shift. Buyers who are happy with their payments might not push as hard, which could create more balanced conditions for sellers.

To make the most of it, it’s important to take care of necessary repairs before listing, stage your home or enhance your furnishings, and price it correctly for what it is and where it is. Getting your home on the market now, before the spring surge in inventory, could help you sell faster and for a better price.

Strategies for both buyers and sellers. For buyers, the first step is getting pre-qualified with a lender. That way, you can find the best loan product and rates for your situation. For sellers, it’s about preparing your home to its optimal showroom condition so you can get the highest price in the shortest time.

With the recent drop in interest rates, we’re expecting more buyers to come back into the market, bringing new energy and excitement for home purchases. Whether you’re buying or selling, now is a good time to evaluate your options.

If you need any help, I’m just a message away at will@fendonproperties.com. I’ve been selling real estate in the local area for 20 years, and I’d love to help you figure out the best approach for your situation.