What Makes Now the Time to Sell in Our Market?

In case you didn’t know, the Federal Reserve will meet on May 1 and 2 to raise interest rates, and they already met previously on March 21 and 22 and raised rates by 0.25%.

Why does this news mean it’s important that you put your home on the market immediately if you’re a seller?

Did you know that if interest rates rise from 4% to 5%, it affects a buyer’s monthly payment by 10%? In other words, if that buyer is looking to buy a $200,000 house and rates go up 1%, they’ll then only be able to afford a $180,000 home. Not only is a buyer’s buying power reduced by 10% in this case, but sellers also have 10% less selling power because that money that would’ve gone into your pocket is now going into the bank’s pocket.

Also, did you know it takes about 30 to 45 days to close a loan? This means if we listed and sold your home now, it would take some time between the end of May to the beginning of June to close the deal.

So, if you’re thinking of selling and you’d like to know what you would net at the closing table, reach out to us and we can give you a free, no-obligation consultation.

If you have any other questions or real estate needs, don’t hesitate to give us a call or send us an email. We’ll see you at the closing table.