Richard Novey

DRE: 01901617


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Richard Novey's Blog

Real Estate Thoughts

Posted On: February 27th, 2018 6:03PM

02/27/2018 - Concern about rising interest rates.  Okay, so after 9 years of historically low interest rates, we are finally going to see a slight increase.  Is that bad?  Not really.  The interest rates have been low in an effort to stimulate the economy and they have done just that.  The economy is on track so it is a natural outcome that rates will rise slightly.  I'd be shocked if after 2-3 increases this year the total increase amounted to 3/4 of a percent.  What does this mean for the home owner who is selling?  It means that your sales price will dip slighly as the buyers have less buying power.  We've been n a seller market for the last 3 years.  Now is the time to really look carefully at the agent you are choosing to sell your home.  I can't tell you how many times I've heard, "Richard, I'd love to use you to sell our home but my wife's brother in an agent."  "If we don't use him, I'll never hear the end of it."  I reccommend that seller invite their relatives to come and give a listing presentation.  If that relative can beat my listing presentation.....then go with that relative.  However, more often than not, the differenced become apparent and people make the right choice.  So as the interest rates rise, be sure to use an agent whose marketing, social media, work ethic and attitude are the best possible fit for job at hand. 

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