Everyday I get asked this question. It is amazing!It's amazing that I get asked this question every day AND that the market is amazing?Yes, the rates are up, and they're up to about 5% right now. I
How's the market? Woah, those interest rates....
Dated: May 17 2022
Everyday I get asked this question. It is amazing!
It's amazing that I get asked this question every day AND that the market is amazing?
Yes, the rates are up, and they're up to about 5% right now. I say, "take it easy, its no big deal".
When I purchased my first home back in 1988 the rates were about 18%, I was 21 years old and making about $14.00 per hour. It is all relevant.
The feds told us they were going to raise the rates, they told us about 3 times. Well, here we are. Now, what are we going to do about it?
This market can thrive, even in the imbalance we are in now.
People see me in the post office and say "be careful, a housing bubble is coming"
I say "Ok, lets talk about what exactly is a bubble? You would have to see a 20 to 30 percent drop. Folks would have to sell at a loss and I don't see this happening. They have taken advantage of the rates when they were low and most have a 30 year fixed rate mortgage. The data shows great jobs, supply and demand and still low interest rates compared to when I was a youngster" That same person says, "Ya I guess that's true"
The inventory is so low. That shows us that the market will remain strong.
Buyers are still bidding on houses and unfortunatley still losing out.
Will we see rates in the sixes? Who knows, there are too many variables to answer that one. Buy now! Do not wait.
Both my Dad and my Father-in-law were Real Estate Brokers. From watching them, I learned that real estate is not just about buying and selling, it's an emotional process that should be handled with ho....