August Market Update

I keep getting the question, “Should I wait to sell?” Sellers, we are experiencing very low interest rates right now. Hi. I’m Krista Mashore, owner/broker of Homes by Krista. Right now, interest rates are under 4%. What that means is, as a seller, is that more buyers can qualify for your home.

As interest rates start to increase and creep up, the number of buyers that can afford to qualify for your home actually starts to go down. Also, according to Chief Economist at realtor.com, Danielle Hale, she says that lower interest rates are counteracting the rise of home prices, which means that buyers can still qualify to purchase even though the home prices have actually gone up.

Also, home prices are still anticipated to go up according to experts like Fannie Mae and Freddie Mac, as well as many other experts, but that’s a positive sign for a buyer. And remember, if you’re thinking of waiting to sell, and you’re also planning to buy, as your home increases in value, so does that of the other home that you’re wanting to purchase. So, it counteracts itself.

And with interest rates being so low, you don’t want to risk them going up because that will also cause your mortgage payment to go up. So what does this mean if you’re thinking of selling? It means that it’s time to act now. So, call us here at Homes by Krista, and we can analyze and assess your unique situation and help you make the best decision that meets the needs of your family and you. As always, make it a great home selling and buying day. We can’t wait to hear from you.

 

— Krista Mashore