Mortgage rates hit a three-year low this week, falling to 3.75%, compared to 4.54% just a year ago according to recent Freddie Mac data.
“It’s a good time if you’re a buyer. If you’re a buyer, whether you’re buying fresh or you’re selling something to buy new. It’s a good time — interest rates are still low, it’s fun for buyers, tough for sellers” Ryan Serhant, star of Bravo’s “Million Dollar Listing New York” told Yahoo Finance’s The Final Round.
Next week, the Fed is expected to cut interest rates for the first time in more than a decade. Anticipation of a cut has already aided the markets in hitting new highs, and while that seems to be good news for the housing market and mortgage rates, Serhant said that he’s heard this all before.
“I got into the business the day Lehman Brothers filed for bankruptcy in 2008. Ever since then all I hear is people keep talking about rates just going up...and they just have’t really...So if you’re a buyer, [interest rates] are still incredibly low.” Serhant said.
As for the latest trends he’s seeing while in the New York Real Estate Market, “We’re seeing slowness across all price points which is weird” Serhant said. “And the rental market is also kind of soft as well. The problem is that there’s so much inventory so what’s selling and moving is the really prime stuff on the water, on parks, amazing finishes.”
Serhant said his goal this year is to hit $1 billion in gross sales for the year — and with his real estate firm’s current average of about $75 million in sales per month, he may be on the right track.
Sara Dramer is an associate producer at Yahoo Finance. Follow her on Twitter @saradramer