Pensive home buyers, sellers ready to move forward heading into 2025
Developer Keith Grant gives a presentation Oct. 9, 2024, at Bank of Bartlett at 6281 Stage Road on his $200 million Union Depot mixed-use project in Bartlett. (Courtesy Bank of Bartlett file)
With Election Day in the rear-view mirror, the local housing market could start gaining momentum heading into the new year as buyers and sellers look to get off the sidelines.
In the second half of this year, Bank of Bartlett Senior Vice President Chao Lin saw buyers waiting until after the elections to decide about selling their home and buying a new one.
“Once that’s behind us now, I think the outlook is a lot more positive,” Lin said. “And with the holiday season around the corner, all the clients I’ve talked to are ready to move forward in the first quarter of next year.”
He hopes mortgage rates come down by then. The last few Fed rate cuts did not affect mortgage rates since those are tied to the 10-year U.S Treasury bond, Lin explained.
“In fact, the last few rate cuts caused the mortgage rates to go up,” Lin said.
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Subscriber Only Home sales mortgage rates Union Depot Doug Swink Bank of BartlettThank you for supporting local journalism.
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Michael Waddell
Michael Waddell is a native Memphian with more than 20 years of professional writing and editorial experience, working most recently with The Daily News and High Ground News.
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