The interest rates are really low. This cannot last. With the housing inventory at the lowest since September 2005 the interest rates are sure to rise to balance out the market a bit. Right now we are at 1.9 months of current inventory (or houses) on the market. That means it would take 1.9 month to completely sell all of the homes on the market if no others came on the market. A balanced market is considered 6 months of inventory. With such a small amount of inventory the Federal Government is sure to increase interest rates. Even a small jump in rates can make a big difference in the buying power you have (Purchase price & loan amount of your new home.).
If you have been waiting to make a move now is the perfect time. If you wait until after the rates increase how much you can buy will be decreased if you are buying. If you are selling the amount of buyers who can qualify for your home will be decreased as well. If you would like to talk about this please don’t hesitate to call, email, or text. I’m here for you…
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