Interest Rates Increase and Selling Your Home
Interest Rate Increase and Selling Your Home
With the economy showing signs of growth will interest rates go up? The Federal Reserve is set to meet on June 15th and an interest rate increase could very well be the reality.
An interest rate increase makes it more expensive for people to own a home due to higher mortgage payments, which leads to a smaller pool of buyers.
What does this mean for you?
If selling your house has been in the back of your mind, this summer is the time to do it.
- With fewer buyers, it could take longer for you to sell your home. Now is the time to sell while there still many people looking to buy a home.
- Inventory is still low! If you list now, chances are that more buyers will be interested in your home as there aren’t many options, which could mean selling your home FAST.
- With higher interest rates, the market is more likely to correct itself so take advantage of the current, hot market.
To Sum Up: If you’ve been thinking about selling your home now is the time to do so before interest rates go up. If you would like to know what your home is worth in the current market, we would be happy to assist you by providing a comparative market analysis.
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Sources: For more information about the potential interest rate hike, check out this article from CNN Money.