I know with the rise in interest rates (and everything else in the world) you may be wondering if now is still a good time to buy or sell real estate and my answer is, yes. 99.9% of the time, my answer will be, yes, it is always a good time for real estate, no matter what is going on, simply because it is a great way to get a return on your investment, given all the proper steps are taken when buying or selling and thereafter. Of course, other factors play into my response to that question but if interest rates and the state of the economy are currently your only worries, my answer remains the same.
Homes are still being listed and sold over list price, still receiving multiple bids, and have an average of just 14 days on the market. Inventory has also experienced a slight increase, which means there are more options available for buyers, as sellers are still willing to sell their homes and new builds continue to go up. It may not be a huge increase, but given how low inventory has been over the past couple of years, any increase is a good thing. Please note this information is in direct relation to the Charlotte market. Check with your local Realtor for an update on your local market.
Now I won't overlook the impact higher interest rates will have on one's payment, or the fact that just a few months ago you could have gotten a mortgage with a rate 2-3% lower than today, (today's average rate for a 30 year fixed conventional or FHA is above 5%, this of course can change depending on the lender, your credit score, and other factors) however, that's the nature of the economy right? You never fully know when things will change or how rapidly, but we do know things will change. We may get to a point where we see recording breaking lows again, we just may have to go through some record breaking highs first. Thankfully, we have not gotten to that point and hopefully will not reach record breaking highs. My best advice would be to sit down with your Realtor, lender and financial advisor to determine what the best step for you is. Look at the long term impact, not just right now and move forward from there.
If you have questions, want to buy or sell, or just need recommendations on a lender, I am here to assist. 😊
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