Mortgage Interest Rates Update: What Buyers’ & Sellers’ Should Know About the Spring Market

“Low inventory issues are keeping prices from dropping off. How much further home prices dip in 2023 will likely depend on where mortgage rates go. Experts point out that today’s homeowners have a more secure footing than those coming out of the 2008 financial crisis. A higher number of borrowers have positive equity in their homes.” – Forbes https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/

Things Sellers Should Be Prepared for This Spring: 

  • Prepare your home properly for listing and showing. You want your home to be highly desirable among other homes on the market.
  • Price your home properly. Work with an experienced real estate agent to understand pricing of homes that were just recently sold in your area. 

Things Buyers Should Be Prepared for This Spring: 

  • Understand that while mortgage rates have risen, they are not historically high. If you lock in today’s mortgage rate, in the future when the rate lowers you have the option of refinancing your home’s mortgage.
  • With mortgage rates affecting the number of buyers you may be competing with, this may allow you more time to make a thoughtful purchase and the opportunity to negotiate.

If you’d like to see homes currently on the market, I can create a custom list and email it to you. If you’d like to see what your home could sell for, I can send you the sales history in your area. Whatever your needs may be, I’m here for you and ready to assist.

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