We are thrilled to share a milestone moment in real estate with you! The news we've all been eagerly anticipating has arrived: the Federal Reserve lowered the benchmark rate by half a point yesterday and signaled further interest rate cuts for this year. This marks the first rate cut by the Fed since 2020! This pivotal change is expected to invigorate the market, drawing in buyers and sellers who have been waiting on the sidelines for this very moment. 

We believe this could be the beginning of a new and exciting chapter for our clients in the Lamorinda communities of Lafayette, Moraga, and Orinda. If nothing else, we anticipate a significant surge in activity in what has been one of the slowest real estate markets in Lamorinda in years. 

As we've seen, once the Fed determines a change in direction is necessary, the impact can be swift and substantial.

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Currently, the daily average 30-year mortgage rate is slightly above 6%, a notable improvement from the over 8% rates we experienced in October 2023.

Additionally, the Dow Jones Industrial Average set a new intraday high on Tuesday, and the Nasdaq is within 5% of its all-time high set on July 11, 2024.

Moreover, the general inflation rate dropped in August to its lowest level since early 2021.

For buyers, this signals a potentially healthy fall real estate market. For sellers with homes in excellent condition, now is an opportune time to consider listing. It's not too late to start the process! We've already signed listing agreements for next year and are assisting clients in getting a head start on their selling journey. 

We’d love to assist you in achieving your real estate goals! How can we help?