In case you haven’t heard, the Federal Reserve increased interest rates last December and are planning an aggressive approach in 2017. Since the election, rates have risen in total by about 0.75%, and we can expect them to rise further by full percentage point by mid-summer.
What does that mean for you as a buyer or seller?
If you’re a buyer, the same home that you could’ve purchased last year will now cost you more. The monthly payment for a $500,000 house, for example, will now cost $200 to $300 more. If you’re a seller, your buyer pool is shrinking because not as many homes are affordable to them anymore.
The good news is that we still have historically low inventory and interest rates. There are also still plenty buyers out there looking to buy. We know this because, despite this uptick in rates, we still get a lot of inquiries. Buyers even have a bit more wiggle room to negotiate than they would have in the past because there aren’t as many multiple offer situations happening.
If you’re planning on buying, do it now while you have a much better chance to lock in a low rate. If you’re a seller, you should also act now before your buyer pool shrinks even further thanks to those rising rates.
If you have any questions or are interested in buying or selling soon, feel free to pick up the phone and give me a call. I look forward to helping you!
Author:Dave Friedman Voted Best Realtor in Charleston Phone: 843-480-9737 Dated: January 18th 2017 Views: 463 About Dave Friedman: Voted Best Realtor in Charleston in 2014, it is easy to say that Dave Friedman is committed to his w...
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Evan Dua is a Listing Specialist who works with our sellers to sell their homes in the shortest amount of time possible and for top dollar.
Evan knows that the most important thing in everything that he does is honest, consistent communication with his clients as this is what has allowed him to secure countless referral clients and raving fans throughout his entire career. He knows that when he is hired to sell his client's home, he is not being hired to simply get them to the closing table. Instead, he is being hired to provide them with an experience that makes them rave to their friends and family for generations to come.
Having run a highly successful business in the past, Evan has learned that hard work and the utmost level of dedication and focus on customer service is what will turn any transaction into a "Disney" experience.
As a result of his commitment to his clients, Evan has spent his life creating positive change in the lives of others through unparalleled service and and the intentional use of proven and repeatable systems.
Evan holds a Masters degree in Hospitality (or as he likes to say, "Business with a smile") from Fairleigh Dickinson University where he put his passion for people to work and learned that if you love what you do, you will never work a day in your life.
After earning his degree, Evan quickly realized that his true calling is in real estate. Since quickly coming to this conclusion, he has dedicated his life to creating world-class experiences for our clients by selling their homes in the shortest amount of time possible, while netting them more money than they ever expected.