Things Never Stay The Same In The Real Estate World
Good Monday Morning!
Merry Christmas to all!
One thing for sure is that events never sit still in the Real Estate world. Over the past month, mortgage interest rates on both 30 year and 15 year financing have increased. The increase has been about 1/2 of one percent. Even with this, the rates are below where they were at this same time period last year and historically they remain extremely low. With the increase though comes a potential slow down in home sales. Increased rates mean that fewer people can qualify for financing and the higher rates also have a negative effect on consumer confidence. The truth is that the higher rates will push home prices down even further and in most cases this will more than compensate for the slight increase in interest rates.
Inflation or the fear of inflation may push rates even higher in the months ahead. This would certainly have a negative effect on home sales and home inventories would build. Pressure on home prices would be the immediate result.
If you are thinking of selling your home or have have a home on the market, your best bet is to cut to the chase and price your home to sell quickly before your homes value declines even further. Remember, that if you are buying on the other end of the transaction the home you are purchasing is going to have a lower value as well.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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29460 Awbrey Lane
Seemingly ageless 1910 home that has been completely refurbished featuring an open floor plan w/ gorgeous wood floors, large modern kitchen, formal dining, family room & huge laundry/utility. Upstairs master along with guest beds. Outside offers spa...
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AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
