The topic of mortgage rates is one that constantly impacts the real estate industry for obvious reasons. A new report surfaces every day (more like every hour) about what the future holds for mortgage rates, and thus the real estate market. I have heard everything from things are going to be perfect, to everything is going to hell. The most recent article I saw said that rates will be up a point by the mid-way point of 2015. Will this actually happen? You're guess is as good as mine as I have been hearing the same thing since I started in Real Estate nearly two years ago.
What I know for sure is that times are good today. I sell Real Estate, not stocks and don't claim to have a crystal ball that is going to tell me and my clients what is going to happen tomorrow. My job is to simply advise my clients to the best of my ability in todays market. Period.
Don't get me wrong, I have my theories about what the future will hold for the Woodstock real estate market but it is crucial to not let them define the decisions made today.... At least not for my clients.
To conclude this point on mortgage rates, I will reiterate that things are good today. They may or may not be good tomorrow. If things do go south, or rather north if rates do climb, then it will affect you. Buyers will simply have less money to spend and therefore there will be a decrease in demand. This will make it harder to sell and, more than likely, reduce the amount you will receive when your property does sell. For buyers waiting to save up that BIG down payment, it could be for not if rates climb even a point while you save up that little bit extra.
So, if you are thinking about selling, don't hesitate... get your property on the market before things change!
Do you consider the only time to buy/sell your house to be in the spring?
[Check back tomorrow for my next post about selling in the winter]