One of the most common questions I’m getting right now is, “Where are 30-year interest rates at?”
In the last year, the average 30-year fixed rate has gone from below 4% (specifically, 3.96%) to above 5%. This is a considerable rise, and it’s caused home prices to rise and the market to slow down overall. What does this mean for buyers and sellers?
If you’re a buyer, now’s a great time to make an offer on a home. Sellers are getting a little bit nervous because they know that even if they haven’t raised their home’s price, it still costs buyers a little bit more to buy.
If you’re a seller, you need to make sure your house looks pristine for the market. Also, keep in mind that because buyers have to pay a little bit more for houses, you have to be a little bit more aggressive in pricing your home.
If you have any more questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.