Mortgage Rates Continue to Move Up
I have been a licensed Realtor since 2009 and I have never seen a housing market quite like this one. The demand from home buyers is still as strong as it was a year ago and home prices continue to skyrocket. However, THERE ARE NOT ENOUGH HOMES FOR SALE ON THE MARKET TO MEET THE DEMAND. As a homeowner, you are in a great position to capitalize by cashing in on the sale of your home! But the market could change drastically if you wait to sell, even 6 to 12 months from now.
Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. Here’s what Sam Khater, the Chief Economist at Freddie Mac, had to say about it:
“Rising inflation, escalating geopolitical uncertainty, and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power. In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments, and quickly affecting homebuyers’ ability to keep up with the market.”
If you have had any thoughts of selling, now is the time to do it. Contact me today to schedule a 15-minute walk-through of your property. I will give you an exact valuation of your home, help you decide if upgrades are necessary, and answer all your Real Estate questions. This service is completely free and comes with no obligation to list with me. I simply want to be the one you think of when you are ready to sell. Contact me by clicking here.
After reading this are you asking yourself, “if I were to sell my home where would I move?” To answer this question, you need a GREAT REALTOR! Currently, many homes are on the market one day and then sold the next. However, when you work with JK Property Partners you can close on your timeline. Plus, you will get the peace of mind knowing your Agent is aware of listings that are both on and off the market as well as those that are coming soon.