What are the Effects of Increased Interest Rates in the Real Estate Market?

What are the Effects of Increased Interest Rates in the Real Estate Market?

The market is no longer what it was last year or even a month ago!

Interest rates recently went down for the 2nd week in a row but they are still considerably higher than they were in 2021.

Listings are sitting on the market a little longer, which is wild considering it wasn't long ago homes were navigating multiple offers and pending in less than 24 hours!

So, what does this mean for you?

If you have been wanting to buy, this is your moment!! Yes, interest rates are higher, but remember, they're temporary if you want them to be. You can always refinance when they inevitably drop again.

This also means you have more houses to choose from. You have a little more time to make a decision. You have the chance to go see 3-4 houses on a Saturday morning instead of rushing out the door the moment one house goes live just to place an offer in a sea of other offers. Having an agent you trust on your side to walk you through the pros and cons of each home is so important right now.

So if this is all good news for buyers, there must be bad news for sellers, right? 

Surprisingly enough, no! Sellers only need to adjust their expectations.

The days of just putting up a sign in your yard and receiving 10+ offers is over.  Sellers now more than ever need to have an agent on their side showing them how to prep their home for the market to ensure they get the best price possible. Your agent knows how to make your home stand out and be the most desirable on the market...listen to them and don't take any of it personally! They're just there to help you!

Everything has changed, except for one thing: having an agent you love representing you will continue to be one of the best decisions you can make. Contact me today if you're thinking now is the time to make your move!

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