High Interest Rates…

Though this market is still very much a “seller’s market” there has been a decrease in homes for sale as sellers are becoming fearful of the high-interest rates. According to Freddie Mac says the average rate for a 30-year fixed-rate loan is 4.72%, so as rates go up the dollar is worth less, meaning buyers could potentially qualify for less, or buy at a lesser value to take the interest rate into account. Until the drop in home prices occurs this pattern will only continue. Senior economist Jeff Tucker, at Zillow, predicts that home values will increase another 17.8% over the next year with a high of 22% in the springtime before tailings off in 2023. Ed Pinto at AEI Housing Center, said “2022 and 2023 present a great opportunity to sell, especially if you’re looking to become a renter or move to an area where you can get more home for the money.” So the question everyone is asking now is, when is the best time to sell to maximize the benefits of the seller’s market but also keep my interest reasonable on the new house I purchase. Let us help you through this, give us a call today! Click here to read more!