Another day, another rate change . . . what does this really mean in today’s real estate market?  Is now a good time to buy?  If I sell, will it take longer to get it sold?  

Is a real estate crash coming soon?   Are we in a “bubble?”  The answer is NO! to both questions.  Although interest rates are rising from the historical low rates that the pandemic brought us, the lack of inventory during the pandemic is keeping buyers and sellers in the market.  Year-over-year inventory increased from 2 weeks to 5 weeks, giving buyers more properties to consider in their home search.   Housing prices are remaining stable, with some decent price reductions, and the crazy bidding wars are over.   

Is now a good time to sell or buy a home?   Real estate is driven by buyer and seller needs.  Therefore, it is always a good time to buy and sell.  For sellers, you may not get offers over asking price.  However, your equity increase over the last couple of years will allow sellers a greater   Absolutely!  The increase in equity for homeowners is around 32%, since the first quarter of 2021.    

For buyers, if you were approved with a rate of 4%, and are now at a current rate of 5%, the $600,000 home price you were looking at will cost about $450 more per month. Reducing the price range for your home price range to $535,00 will get the same $2800/month house payment.  Daily updates on interest rates and mortgage programs from your lender will let you know the best time to lock your rate.  

Builders have many incentives on design center options and financing deals with their preferred lender.  *Toll Brothers Mortgage has a 165-day lock on a 3.99% interest rate.  *Taylor Morrison is letting buyers choose how they will use their incentives.  (*please see the websites for each builder to verify their current programs and pricing).  

I am always available to help with your real estate needs.  Call me if you would like an updated analysis of your home's value.