The Impact of Rising Interest Rates

Finally, the housing market seems to have remarkably improved across the nation and in many markets, it’s become very much a seller’s market with bidding wars going on above list price for homes on the market in many cases.

New agents are coming in the business and killing it merely by having a license to sell.  It’s not quite the “good ‘ol days” but it’s not a bad time in the real estate world for sure.

What’s this mean to you? Well, if you’re thinking of selling, now is the time because we have more buyers than we do inventory if your home is in a sought after location, in good condition, and you price it right.  The three main factors that determine whether any home will sell no matter what the market conditions are price, condition, and location.  But obviously, even more so when you add the low inventory factor.

For buyers, if you’re thinking of buying now is the time as well.  Why?  Because inevitably with improving market and economic conditions comes rising interest rates which means the same house you can buy today will cost you more if you wait.  It’s really simple and so is the home buying and selling process if you work with an experienced team like ours to ensure you’re properly guided through the sometimes choppy waters of buying and selling a home.   Speaking of choppy waters, if you were heading out to do some white water rafting, you’d likely want an experienced tour guide, right?  Then surely you want an experienced agent to support you with one of your largest single investments whether buying or selling, don’t you?

Here are today’s interest rates quoted from one of the lenders we work with locally, Rob Furrow at Integrity Home Loans.  You can give him a call if you have questions about getting pre-approved, the different loan programs, options, costs, etc. as well as refinancing if you’re thinking of staying in your home.  His direct line is 540-529-5772 and you can call or text him on that. These are subject to change and based on a 30 year fixed rate:

FHA 4.375

VA 4.5

USDA 4.625

VHDA 4.75

Conventional 4.75

If we can answer any questions for you about buying or selling you can reach us directly by phone or text at 540-312-0085.  Here’s what we can do:

If you’re thinking of selling, we can provide you with a free market analysis giving you an idea of what your home could sell for in today’s market and tell you anything that might need to be done to get it ready for the market.

If you’re buying, we can get you access to all homes that are currently for sale based on what you’re looking for.  And yes, the public sites are great in fact we love Zillow and what it’s done for the industry.  If you’re on there look us up and see what our past customers and clients had to say about their experience in working with our team.  The difference is we are able to get you the most update to date inventory based on exactly what you’re looking for and help you choose just the right home at the right price.

 

 

 

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