There’s a question I’ve been getting in the last couple weeks…I’ve been asked over lunch after shoving a load of french fries down my face. I’ve been asked while playing kickball, but my favorite was last weekend when I was asked at the pool. I’m telling you, you haven’t lived until you’ve talked about mortgage interest rates in your swimsuit.
The question I’m answering?
“How’s the market…ya know with the interest rates?”
Well I’ll tell ya! The market was too hot and It feels like someone turned on the ceiling fan and handed us a popsicle to cool everything off. In the last few weeks, Buyers are having to write competitive, but not absurd offers. They are still competing with one or two other buyers for the best homes. Seller’s are still getting amazing offers but it may take more than 3 minutes to go under contract especially if they haven’t thoughtfully priced their homes. For now home values aren’t coming down, and even in the face of rising rates and a potential recession I don’t currently expect home values to drop year over year since our supply of homes is severely anemic in comparison to the demand for them.
So What Do Rising Rates Mean For You As A Buyer or Seller.
As a buyer – it feels like opportunity may be slightly trending in your direction. You can get a home right now without giving up your first born. If rates continue to rise (6% today) you’ll be glad you bought when you did. On the flip side, if a recession comes you should be able to refinance at a lower rate.
As a Seller – As rates increase you can expect to be competing against other homes. Currently the homes sold that have taken pre-listing repairs seriously, have quality staging and a high-end marketing plan are benefiting greatly.
If you have a home that you’ve been considering selling I’d recommend getting in touch soon and we can help get you clear on if now is the time to sell or not.
Catch ya soon
– ROB
