The Feds raised rates yesterday by .25%. According to my sources we are quite possibly looking at rates being 5.5% by the end of the year. If you are considering buying or selling, do it now! Inventory is extremely tight, prices are up and rates are headed up. Get in while the getting is good folks!
Perhaps you are a seller and wondering how this affects you. It’s simple, inventory is already tight which means there’s not enough homes for buyers to choose from and multiple offers are everywhere. With rates going up that means that the buyer that CAN afford your house today might not be able to afford it tomorrow.
If you are a buyer you understand just from looking at the chart why it’s important to get going quickly. One could argue to wait and let the market calm down but who knows how high the rates will be then. Are you willing to take that gamble?
This picture shows how rates can affect your buying power. Current rates are no longer this low but it gives a good example.
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