We have some news that we would like to share with you today. We recently found out that there are three interest rate hikes scheduled for 2017. We’ll talk a little bit about how this is going to affect our market today.
For every 1% increase in interest rates, a buyer’s monthly payment goes up 10%. This means if you wait to buy, you will have 10% less buying power and won’t be able to purchase as much home for your dollar. That being said, if you’re ready to purchase a home, give us a call and we can connect you with one of our trusted lenders to get the process started.
Sellers are going to be affected in a similar way as well. Their selling power is going to decrease by 10% in response to a shrinking buyer pool. So, if you’re thinking about selling, now is the time to do it. We would be happy to come out and give you a free home evaluation and tips on how to get your home ready for the market.
If you have any other questions about buying, selling, interest rates, or any other real estate-related questions, feel free to give us a call or send us an email. We look forward to hearing from you!