“Nothing lasts forever” claims the old adage, but until a couple of weeks ago buyers simply weren’t, well, buying it. The swift and strong rate hike caught many by surprise, scrambling to find a home so they could lock their rates in now.
We know what the rate hike means for buyers – higher payments. But what does it mean for sellers? There are a couple of schools of thought. One is that homebuyers will lower their offer prices to adjust for higher payments. But the more likely outcome in our area might be that offer prices actually see a spike as buyers compete for the few homes on the market.
Waiting to buy and risking further hikes could certainly prove more costly in the end than pushing the sales price up by a few thousand.
Rates are still historically ridiculously low – so don’t panic, just ensure that your agent is clearly on top of what is happening from day to day in the market.
Call us to learn more at 344-ACES (2237).