Thomas Ellwood of Day 1 Mortgage joins Lou to discuss what effect recent interest rate increases will have on the housing market. Video highlight: Mortgage rates are still below 40 year historic averages, and the increase in interest rates is less than the general inflation increase in the price of goods and services we’ve seen in the past year. This is good news for the housing market, and indicates there is no reason for prospective home sellers to panic.
Are Rising Rates Impacting Sales?
Thomas Ellwood of Day 1 Mortgage joins Lou to discuss what effect recent interest rate increases will have on home sales locally. Video highlight: While it’s still a sellers market, rising interest rates are leading buyers to become more conservative when selecting a home. Properties that are move-in ready are still selling quickly and for full list price. However, homes that need work are sitting longer and receiving lower offers.
Pros and Cons of Buying in Today’s Market
Thomas Ellwood of Day 1 Mortgage joins Lou to discuss what the advantages and drawbacks of buying in today’s market are due to increasing interest rates on mortgages. Video highlight: Buyers are losing buying power due to higher rates. On the plus side, buyers can also be more selective about finding the right home, as properties are no longer receiving multiple offers within days of coming on the market.