I just read this morning that rates are going to be rising, potentially 3 times this year. Of course most people know that this directly involves your new mortgage. Historically speaking, when rates start rising, there is a rush to home ownership. Buyers are feeling pressured to buy now because their buying power is going to shrink. Meanwhile, in Rhode Island, at least, there is an inventory shortage of affordable homes.
If you are a buyer, yes, you need to start looking very soon. It takes time to get preapproved and make sure your credit is in good standing. Then the search begins and in this market, expect to be exposed to lots of competition. If you like the house, so does everyone else! There have been multiple offers going on with well priced homes and if you want to be the winner, you will need to act quickly.
If you are a seller, perhaps you may want to sell now to get your optimum value and rent for awhile to see what is going on in the economy. Or you may want to move south, in which case, please give me a call or send me an email and I can help you out. And if you are a seller, consider putting your home on the market this spring. April and May are usually a good time to sell in Rhode Island. Aside from finances, blooming trees and flowers are all potential lures for new buyers, plus it gives them an idea what the summer will look like in their new home.
Whatever you want to do, you can contact me or a Stonehurst Realtor and discuss your opotions. We are on the cusp of yet again another changing market.