If you are on the fence about buying or selling your home, now is the time to do both! Mortgage interest rates have already risen by about half a percent since the new year and are only expected to increase over the next several months. So, what does this mean for you? This affects both buyers and sellers tremendously! As a buyer, this potentially lowers the budget limit you will have on a price of a home. You will have to determine what price you are able to afford, but then will have to take into account the amount of interest you will be charged each month and factor that into your monthly mortgage payment as well. If you buy now, you will be paying less in interest and therefore saving lots of money in the long run and will also be able to afford a higher priced home! Just remember, the higher the interest rate, the more it increases your monthly payment.
This also affects the sellers out there. As a seller, you are trying to market your home to a potential buyer. A rising interest rate affects the buyer for the above mentioned reasons which therefore means many people that might have been interested in purchasing your home, might get priced out if an interest rate makes their monthly payment too high. Get your home on the market now so you have a bigger pool of buyers to choose from!
The Ryan Jennings Group can assist you in both buying and selling. We work with a group of awesome lenders that will get buyers the lowest interest rates that are available and will work fast to get you pre-qualified so that you know how much you can afford to spend! This is a key step in the buying process. Getting pre-qualified before you look at any homes helps both you and your realtor find the home that best fits your needs. This way you know how much you can spend before you get your heart set on something that is out of your price range. To get started in your home search visit www.WestPalmHomeSearch.com.