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Here are a few ways Jordan predicts the rate cut will affect thehousing market for both buyers and sellers.
This shift creates both supply and demand, she told GOBankingRates.
Many buyers have been sitting on the sidelines, waiting for this moment.
The drop in rates means they havemore spending power it means homeownership is that much more attainable and accessible.
With rates down to the lowest point in two years, sellers now have the power to list.
That will soon be changing, Jordan said.
The market is about to get more competitive, she said.
[Bidding wars] happen in any market themost desirable propertiesdraw the most interest, she said.
However, buyers shouldnt let sellers take advantage of this new swing in the market.
Watch out for the sellers with bravado, Jordan said.
If a seller refuses to budge, give it a couple of weeks and make another offer.
Sellers can now be optimistic, but they shouldnt be aspirational about pricing, she said.
Rates are still high and buyers are unsure about paying for a home due to many factors.
Price your property to sell.
Jordan noted that sellers should still be willing to negotiate and make some concessions throughout the process.
Sellers need to keep their cool and stay focused on their goal to sell, she said.
Be prepared to negotiate on any offers and get ready forsome last-minute negotiationsbefore that contract gets signed.
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