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?
“In the last year, the average 30-year fixed rate gone from below 4% (specifically, 3.96%) to above 5%.”
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.