How are you impacted by Rising Martgage Rates?
You may not see it on your monthly mortgage payments but the amount of money you pay towards paying down your loan will be affected by the interest rate. As the rates rise if you are in a variable position on your home mortgage you will need to be watching for the best time to lock it down to a term so you wont be affected for that period of time. And you ask when is that. Many factors will influence this decision and each families needs and wants are everchanging. And this is when you need to contact some experts and explain your position and just how the rise will affect you and your property and financial concerns. As a seller your potential buyers will be looking to buy before rates rise even higher and lock down their position. The buyers will be in a time crunch and depending upon the inventory in your neighbourhood of homes for sale this may present the opportunity for a good sale.
As a buyer interest rates are intended to affect inflation as in inflationary prices which have affected our Real Estate Market for some time now. So overall prices should start to come down making homes more affordable. Sellers who are seeing prices adjust to the new market will be more flexible or have to wait as it will take longer periods of time to sell. That being said certain homes that make the headlines will always go fast by being more appealing to a larger number of buyers. Homes not as appealing will be more negotiable.
Have a look at our Marketing Plan to get an idea how we can make your home more appealing or just give Kathy and Lauren a call.
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