We Are All Doing a Happy Dance Right Now, Because “The Time Has Come”
It can be hard to sit and wait on an erratic financial market where we can’t just pick up the phone to say, “hey, get on with the rate cuts already, we’ve all got lives over here!” But inevitably, the kettle we’ve been anxiously watching finally boils!
While it sounds a bit like a cliched summer action movie line, Fed Chair Jerome Powell literally announced, “The time has come” in his keynote speech at the Fed’s annual economic conference in August. He indicated that inflation is essentially under control, the job market has cooled down, and that rate cuts would maintain economic growth and sustain hiring.
Mortgage Rates Have Already Started to Decline
People got scared of a recession when the jobless rate hit 4.3% in July (the highest in three years), causing the stock market prices to plunge, but it bounced back.
Wall Streeters are now buzzing that the Fed will cut its benchmark rate by a quarter-point in both September and November, and by a half-point in December, according to FloridaRealtors.
One Caveat: We Hope Elections Won’t Mess With Rate Cut Plans
However, politics be doin’ what they do best: politicking. With the elections coming up, the Fed doesn’t want its sails tangled up in election-year politics. However, Powell has maintained that the central bank isn’t paying attention to what Republicans and Democrats are doing and would make decisions solely based on the economy. Fingers crossed.
A Well-Positioned Fall Real Estate Market with Good Inventory Supply
Mortgage rates are at their lowest right now in over a year and are poised to drop even more. While Tampa real estate has remained strong regardless of what’s been going on in the news and central bank, we may see a flurry of activity during a time that’s traditionally quieter this fall.
I’m anticipating stronger demand combined with more home inventory, which is incredibly exciting for both buyers and sellers.
Let’s Get You Going in For When The Rate Cuts Hit
Ready to shop the Tampa real estate market? It’s never been a better time. I’ve got the keys to your new castle, and I can’t wait to show you around the neighborhoods and listings. Let’s find something you’ll be head over heels for! Give me a buzz today so we can get your foot in the door first for all the best spots in Tampa. And if you’re looking to sell, I’d love to strategize with you on next steps!