Today we'll update you on the latest market news, talk about rising interest rates, and discuss what you can expect going forwards.
For the last two years, we've had historically low-interest rates. As those rates start to rise, it's important to understand that they will impact both buyers and sellers. For sellers, you're going to see a decrease in buyer demand and an increase in inventory over time. For buyers, rising rates will decrease your buying power. The house you’re looking at today might not be an option for you in six months.
However, rates will remain comparatively low. In 1981, rates rose to 16.63%. In 2021, they went as low as 2.96%. It's still a great time to buy, and there is a window of opportunity that you want to take advantage of. The Federal Reserve has indicated that they will increase rates on March 2.
If you're thinking about buying or selling, we can help you explore your options. Reach out to us by phone or email. We'd love to help and look forward to hearing from you.
