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Have you noticed there aren’t a lot of homes on the market for sale? Have you noticed that there are a lot of buyers out there looking to purchase?
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If rates go up, you might end up kicking yourself wishing you had bought a home earlier.
This is because interest rates have been rising this past year. The Federal Reserve raised rates twice, and there’s talk that they may do it again. Why? The economy is going up—the stock market is up roughly $5 trillion and the GDP is up about 3.3%. As the economy grows and expands, the Fed tends to get nervous and raise rates in order to curb inflation.
As that happens, buyers decide that because the rates are going up on their would-be mortgages, they’ll either have a higher payment or be able to buy less property. That’s why they’re smart to buy now and lock in rates before they get any higher.
You might be thinking to yourself, “What if I buy a home now at today’s rates and they drop?” If that happens, you can always refinance and lower your rate then. It’s better to buy now though because if rates do go up, you might end up kicking yourself and wishing you had done something.
If you or anyone you know wants to buy before rates get any higher or sell in order to buy another home before rates get any higher, don’t hesitate to give me a call or shoot me an email. I’d love to help.
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