If you are looking at buying a home, rising interest rates may affect your ability to afford one. Today I have examples of what can happen when interest rates rise during your home search.

 

Today I want to talk to you about how interest rates are affecting the real estate market.

Currently, interest rates are rising—they’re the highest they’ve been in several years.

Some people may think that won’t affect the market that much. However, it has already affected several of my clients big-time. Rising interest rates have increased their monthly payments. They were approved for a certain amount when they started looking and now the payment would be higher, which means they can’t afford the home they were looking at.

Now, instead of a four-bedroom home, they could be looking at a three-bedroom home. A couple of them had to look in a different subdivision or even a whole different school district. It has really changed their lifestyle.

“Sellers probably won’t see multiple offers like before as interest rates rise.”

If you are looking to buy a house this year, contact me as soon as possible. We can form a game plan and act now before interest rates go up any more so that you can buy the house you are looking for in the right area.

If you are looking to sell a house, you should know that buyers may be a little scarce. With interest rates rising, most buyers are going to want to hold off before they buy because they know they will have to pay more than before.

As interest rates rise, sellers probably won’t see multiple offers like before. You may even see your house sit on the market a little longer. If you are trying to sell, though, you need to make sure your house looks the best and is priced right.

If you want to know any more about the current trends or about what I can do to help you sell your home, please don’t hesitate to contact me. I would love to speak with you.