Less than 24 hours ago, good news came out of the Federal Reserve. After 10 consecutive months of interest rate hikes, the decision was made to leave rates unchanged so it could measure the impact of previous decisions to do so.
During a news conference following the decision, Federal Chair Jerome Powell said, “We have raised our policy interest rate by five percentage points, and we’ve continued to reduce our security holdings at a brisk pace. We’ve covered a lot of ground and full effects of our tightening have yet to be felt.”
Here’s a link to the press release issued by the Federal Reserve: Federal Reserve issues FOMC statement, along with a snapshot of Chair Jerome Powell during the subsequent news conference.
So, what does this mean?
The Federal Reserve’s decision to hold off on increasing interest rates will leave target rates between 5% and 5.25% - which is great news for real estate homebuyers. It’s also great news for homeowners who are ready to sell – now could be the time to make the leap. With interest rates holding, more demand for housing will continue, potentially placing you as a home seller in a highly favorable position.
Whether you’re seeking to sell or buy a home in any town situated throughout Lake County, Cook County, or McHenry County, reach out and let’s discuss your options. Investment properties are also an option to consider for those looking for residual income!
In good health,
Daniel Henry