Interest Rate Update and this Buyers’ Market
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Interest Rate Update and this Buyers’ Market
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Feds just raised the interest rate by .75%, but let me tell you what this doesn’t deter me from buying a home.
Here’s the strategy:
As interest rates are increasing, home prices are dropping, though their values are still appreciating.
There are 9,905 homes on the market. Homes are on the market for an average of 21 days. Sellers are buying down interest rates, lowering prices and including amenities in order to try to sell their homes.
Now, rates should come back down in 2023.
Here’s the math:
With the higher interest rates and the cost of refinancing next year, you’ll maybe take a $7,000 hit and that’s just shouldn’t be cost prohibitive when you think of the lower prices we’re seeing now and the appreciation we’ll see in the near future. Forecasts show Salt Lake City real estate on track to be the next Bay Area.
Wealth means having a “never renting mindset.”
Call me with any questions 801.243-4544. I’m here!
Thanks for tuning in.
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https://www.primerealestateexperts.com/