Rising mortgage interest rates is not “feel good” news. Most of us — inside the real estate industry as lenders or real estate agents — or outside the industry as homeowners, sellers, or home buyers, know that higher mortgage rates have an effect on the decisions we make.
Mortgage rates have jumped to over 6 percent, at the highest level since 2008.
- “Buyers have been flowing out the exits…”
- “Rapidly rising rates this year have only made what was an unaffordable housing market for many even worse…”
- “Sellers lose some of their negotiating power…”*
So bringing it back down to the Southern California Market: mortgage rates affect home buyers and sellers across the country, but each local market will respond based on a variety of factors.
How popular is the neighborhood? Is the home fully renovated and full of upgrades? Is it a single family residence or condo? Is this city a bustling hub of jobs or a place where commuters live?
3. Your personal circumstances require you to make a move for family, health, job, new school district, or another factor.
If you are listing soon or you need to reach out to us about selling your home, then we will talk strategy to get the most buyers interested in your home and how to tune the dial on price. Home buyers might be a little more bold in asking sellers to pay for closing costs, credit them for repairs, or reduce the price.