Hello folks, you may be interested on what happens in the Las Vegas real estate market when the Fed (Federal Reserve Bank) raises the interest rate. If you are a home seller here is what to expect:
It is kind of like a wave coming onto shore and then flowing back out.
1. Buyers who were waiting to buy get off the fence. When interest rates are threatened to go up or do go up a modest amount, there are a flood of new mortgage applications. Those newly-qualified buyers enter the market a short time later.
2. Some small amount of buyers get knocked out of the market altogether.
3. As the interest continues to rise more buyers either can’t afford or don’t want to afford the higher mortgage payment; They continue to rent.
As a seller, you want to be on the wave coming in and take advantage of the newly-energized buyers.
See video link for more info.
John Brassner, REALTOR, MBA
Home of the 3.9% listing commission program.
Web: 3.9commission.com and www.HouseOfVegas.com
Savvy Home Realty Solutions
6525 W. Warm Springs Rd, #100
Las Vegas, NV 89118