If you, like many Frisco area home sellers, have delayed putting home your on the market due to high mortgage rates I’ve got some good news for you!

In this blog post I’m going to share 2 reasons why the recent downward trend in mortgage rates is not only good news, but creates a unique opportunity for anyone considering selling their home.

Decreasing Mortgage Rates: A Game-Changer for Sellers

Last October witnessed mortgage rates hitting a peak of 7.79%. Since then, there's been a significant downward trend, with rates now consistently below 7%.

This shift is substantial compared to the ‘unicorn’ years of 3% rates but is still promising, especially with predictions of them dropping below 6% this year. This change is crucial for sellers in the Frisco real estate market.

As Dean Baker, Senior Economist at the Center for Economic Research explains:

“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

Here are 2 reasons why this recent trend is good news for those planning on selling their home;

Reduced Mortgage Rate Lock-In Effect

Many homeowners have been hesitant to sell, fearing they would lose their low mortgage rate obtained in recent years. However, with the current downward trend, the gap between your existing rate and the new rate on a potential move is narrowing, especially if you are considering buying new construction. This reduction eases the financial implications of selling and moving, making it a more feasible option for Frisco homeowners.

As Lance Lambert, Founder of ResiClub explains:

“We might be at peak “lock-in effect.” Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren’t returning anytime soon.”

There Will Be a Boost in Buyer Interest

With mortgage rates becoming more favorable, we are witnessing a surge in buyer interest. This is particularly relevant in the dynamic Frisco area, where housing demands are always evolving. Lower rates mean more buyers can afford mortgages, thus expanding the pool of potential buyers for your home. This increased demand can lead to better selling conditions, including potentially higher offers and quicker sales.

According to data from Bright MLS, high mortgage rates are the number one reason buyers stayed out of the market last last year:

Frisco’s Market: Poised for Sellers

Frisco's real estate market remains robust and attractive. Our community continues to draw attention for its excellent amenities, strong economy, and quality of life. These factors, combined with the current mortgage rate trend, create an ideal environment for selling your home.

How Much is Your Home Worth in Today’s Market? CLICK HERE to Find Out Instantly

Take the Next Step

If you’ve been on the fence about selling your home in Frisco, now could be your moment. With more buyers entering the market and less financial restraint due to lower mortgage rates, it’s an opportune time to maximize your investment. Schedule a Call with me today, and let’s discuss how we can navigate this favorable market to get the best outcome for your home sale.