MarketWatch recently reported on some news out of the Federal Reserve. The group, which serves as the USA’s central bank, said that it currently foresees interest rates staying close to zero through 2023.
Because we are currently in a recession, the group hopes to help stimulate the economy. The Reserve did note that the fed rates may change if two conditions are met. Basically, the goal is for employment to return to pre-pandemic levels and for inflation to rise to 2%. If and when those two things occur, fed rates will likely rise.
So what does this mean for the real estate market?
For buyers, this means that the low mortgage rates that have set records over the past few months will likely continue. For sellers, it remains a great time to sell, especially because buyers are motivated to nab those low mortgage rates and there is low inventory.
Fed rates won’t stay low forever, though, so if you are considering buying or selling a property in the Tampa Bay area, now is the time! Let’s talk about how we can make that happen.