It may seem counterintuitive to review projected mortgage rates when considering selling your home, but these rates are one of the best indicators of how buyers are going to react this late spring and summer season. Knowing your buyers is one of the first steps to selling your home, along with pricing wisely and preparing your property to sell. The latter part of that equation can in part be facilitated by a real estate agent, while the initial decision to sell is yours and yours alone.
Prices and interest rates are on the rise. As a result, buyers are beginning to take note in larger numbers. The slower increase in inventory has them ready and waiting to explore any new options opening up on the market. Your potential home buyers want to purchase now instead of down the road when mortgage rates are projected to rise. This is no guess and check experiment, but rather a progression of already existing trends. If you are thinking about selling, the market’s buyers are ready for your home. In turn, if you are looking to buy a new home after you sell, these increasing rates apply to you even more so since you will want to take advantage of lower rates now.
For more information or advice on when to sell, please don’t hesitate to contact us. If you need to brush up on the selling process itself and aren’t ready to make any moves, take a look at our Definitive Guide to Selling Your Home.