This last hike by the Fed, along with their language about future increases and numbers in the UK have led to quite the spike in rates. We were talking about rates in the 5’s and just into the 6’s, but very quickly we’ve escalated into needing to talk about the 7’s. We’ve been here before, so there is certainly no reason to panic.
The message to my clients is still the same: “You marry the house and date your rate.” Do not let rates stand in the way of buying or selling as they are only temporary. We do expect this to be a little while before rates come back down, but homeownership is usually long term, so in the big picture, rates are short term.
Inventory is improving, and competition for that “right” home is still strong. Even though the market is less hectic, it is still active. Call me before you decide on an agent for your listing or if you hear of someone thinking of selling or buying a home. See what my clients say — Visit my Client Testimonials. As always, I’d love to help you with your next move and will take special care of any referrals that you send my way.
Licensed in Washington, Maryland and Virginia
Washington, D.C. Real Estate License: SP98364456
Maryland Real Estate License: 601636
Virginia Real Estate License: 0225 187829