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Rise in Rates Spur Some Buyers Off Sidelines
CNBC is reporting today that the last 3 weeks' spike in interest rates has caused some buyers to get off the sidelines, go to contract and lock in rates before they go even higher.
The fear of loss is an interesting thing. Buyers were fearful of making easy money just 3 & 4 years ago so they often made a deal with the devil to get into investment homes or primary homes way above their means. And here we see the fear of higher rates getting people to buy today.
So does that mean we raise home prices to "scare" people into buying? Well, if the other 25,000 home sellers in  Middle TN went along, it would probably work. But this is a market driven economy and that simply won't happen.
But it looks like some buyers are willing to pass on potential price decreases to ensure a low interest rate. If that's what's holding back your buyer, let me know and we'll get them a great rate. If your seller would like to assist with a rate buy down, I'd be happy to provide a rate in the high 4% range.
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