We have a unique market that’s great for both buyers and sellers.
Can you believe that interest rates were at 17% in the 1980s? That’s viewed as one of the craziest real estate markets we’ve ever been in, but people are now looking at our current market the exact same way. Inventory says we’re in a seller’s market, yet interest rates tell us it’s a buyer’s market. What does this mean for you?
Right now, you can get a 30-year mortgage for a 2.75% interest rate, and a 15-year loan can get you a 2.25% rate. If you’re considering buying an investment property, a non-owner occupied 30-year loan is at a 3.125% rate. These are all historical lows. However, we have many buyers coming to us saying they need to find a good deal to be able to buy right now because prices are so high.
Inventory says we’re in a seller’s market, yet interest rates tell us it’s a buyer’s market.
However, those same buyers are finding out that the true deal here is the exceedingly low interest rates. Asking price is irrelevant; a home will always sell for what it’s worth in the present market. If you’re thinking about buying, don’t let high prices frighten you. Purchasing power is better than it’s ever been before, and you likely won’t experience this again.
We don’t expect rates to stay low forever, so if you’re contemplating buying or selling, it’s never too early to reach out to us via phone or email so we can answer your preliminary questions. We’re here to help you navigate the process.