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By Andrew Duncan

Andrew Duncan is the Founder, CEO and Co-Owner of Tampa’s Best Real Estate Agent Team, The Duncan Duo, the Host of The Duncan Duo Real Estate Show Sundays at 10am on 970AM WFLA. As the team’s Founder, CEO & Co-Owner, Andrew’s focus is on the growth of the company, marketing and promotion initiatives as well as motivating and coaching the team’s agents and leadership.

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In Tampa Bay, as in much of the country, interest rates significantly influence the real estate market. Understanding this relationship can help both buyers and sellers make informed decisions. Here’s a breakdown of how changes in interest rates are currently shaping the market in our area.

Interest rates and home prices have an inverse relationship; typically, when interest rates drop, home prices rise. According to our real estate coach, Bill Pipes, a drop in interest rates could potentially bring as many as 10 million new buyers into the market. This surge in buyers would increase demand, pushing prices up even further.

“If you’re contemplating a move, consider acting soon to take full advantage of current conditions.”

Given the anticipation of falling interest rates later in the year, conventional wisdom might suggest waiting to buy. However, with prices expected to rise as rates drop, buying now could be a smarter financial move. Many lenders, including our preferred providers, offer free refinancing within a certain period after purchase. This means you could buy now before prices spike and potentially refinance later at a lower rate, maximizing your investment.

For homeowners looking to sell and then buy, the timing now is crucial. If you wait too long, you might find yourself priced out of the market once you’re ready to buy, due to the anticipated increase in home prices triggered by dropping interest rates. Listing your home now can get you ahead of this curve, allowing you to sell your current home and buy a new one before prices potentially rise.

For those considering buying or selling a home in Tampa Bay, staying informed about interest rate trends and their impact on home prices is vital. If you’re contemplating a move, consider acting soon to take full advantage of current conditions. Whether you’re looking to buy or sell, we’re here to help guide you through these dynamic times in the real estate market.

If you have any questions or need more personalized advice, feel free to reach out. You can reply to this post, email us, or contact us on any of our social channels at the Duncan Duo. We’re here to assist with all your real estate needs.