As we approach the tail end of summer, Lake Havasu is shifting gears. Kids are back in school, Labor Day marks the last big weekend on the water, and soon our snowbirds will return for the season.
The real estate market is also showing signs of transition. Fall is typically when inventory rises, and we’re already seeing that play out. Active listings have steadily increased over the past year, climbing from the high 300s last summer to well over 500 today (see graph below).
Mortgage Rates Are Moving
Mortgage rates have dipped to their lowest point in 10 months… right around 6.5%. And there could be more relief ahead. The Fed is expected to cut rates again on Sept. 17, which may push borrowing costs even lower heading into fall.
What does that mean for our market? Sellers have a window right now to get in front of motivated buyers before inventory climbs further this fall. And buyers who are shopping today may move quicker, knowing lower rates could bring more competition and push prices higher in the months ahead.
And with snowbird season right around the corner, even more activity is on the horizon especially from cash buyers who aren’t as rate-sensitive.
Thursday, Sept 11 | 6PM Enjoy a five-course menu by Chef Sarah Freick, paired with wines from Treasury Wine Estates, Stags’ Leap, and Frank Family Vineyards.
