Interest cuts may spur new homebuyers, sellers

Interest rates are a hot topic as many navigate the real estate market, especially first-time homebuyers. Following a recent Federal Reserve rate cut, lower rates could enhance affordability but also increase competition. In Spokane, the median home price is around $430,000, and potential buyers may see reduced monthly payments if rates continue to drop. However, this could lead to more buyers entering the market, making it challenging to secure properties. Sellers may benefit from quicker sales, but they also face increased competition when purchasing their next home.