‘Million Dollar Listing’ Star Reveals Positive News for Home Buyers

A Million Dollar Listing New York star and Serhant listing agent has predicted a bright future for homebuyers in the wake of the Federal Reserve’s September 18 rate cuts, saying buyers’ inventory and leverage are only going to get better will be.

Talia McKinneywho leads the Talia McKinney team Ryan Serhant‘s eponymous agency, spoken Realtor.com® about the future of the housing market – after the Fed made its first interest rate cut in four years.

Policymakers announced a half-point rate cut, marking the first rate cut since the COVID-19 pandemic began in March 2020 — and that’s good news for potential homebuyers who have been waiting for their chance to get it to jump. the property ladder, says McKinney.

According to the former Bravo star, the discount may not spur buyers into immediate action, but it does mark the start of what she believes could be a much more “attractive” market for anyone hoping to secure their first home.

“The Fed’s rate cuts are something everyone is paying close attention to,” she says. “Lower interest rates could certainly make borrowing more affordable and attractive, which could motivate more buyers to jump back into the market.”

It is not just buyers who could be lured to the market by the interest rate cuts.

“We also have to consider inventory,” McKinney notes. “If prices fall again, more sellers will likely enter the market, giving buyers more influence. There is potential for more activity if buyers feel they are getting more value for their money, and we could see more inventory and options.”

McKinney has worked with Serhant for nearly eight years, having met him when she was focusing on what he describes as “primarily rental properties” while “trying to find her place in the world.” However, he saw a “sparkle in her eyes” and immediately hired her, telling her she would “one day close $10 million deals,” he revealed in a 2023 Instagram post.

“I distinctly remember her smiling and saying, ‘No one believes in me, I don’t look like a standard New York City real estate agent, so let’s close that $20 million deal,’” he recalls.

True to her word, McKinney exceeded all expectations and closed a $31.5 million deal in late 2023 in which she represented the seller.

The duo certainly seems to remain on the same page to this day. In fact, McKinney’s positive view of the market echoes Serhant’s predictions earlier this year, when he said a buying boom would occur in the fourth quarter during an interview with the host of “Cavuto: Coast to Coast.” Neil Cavuto.

“Housing is defined by three things: you have supply, you have demand and you have rates,” he said on Fox Business in August. “So if there is a significant movement in interest rates, you won’t see a significant movement in home purchases or sales immediately, but you will see it in the next quarter.

“Home buyers will respond to lower rates,” he added.

The Fed’s rate cut brought the central bank’s effective interest rate to about 4.8%, down from a 20-year high of about 5.3%. Although mortgage rates and interest rates don’t automatically follow the same pattern, they often move in the same direction.

Mortgage rates have already fallen about 1 percentage point since May, and for the week ended September 19 they fell again to 6.09%, according to Freddie Mac.