“Buyers Taking Advantage of Higher Interest Rates”

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Buyers Taking Advantage of Higher Interest Rates”

 

I can’t believe it; they accepted our offer. Since interest rates have been climbing, we decided to offer the asking price rather than going over. We’re not sure if there were any other offer, but we are delighted with the purchase price.

A couple of months ago, we sent you all the documents you requested, I am assuming you need updated pay stubs and bank statements, anything else? We should have the signed purchase agreement tomorrow, we’ll forward all to you tomorrow.

Thank you for all your help! Beth

 

For sure interest rates have risen and will continue to move up, many buyers are recalculating their numbers are now not offering above the listing price in other to offset higher interest rates. Will this trend continue, most buyers that I speak with believe that will be the case. What do you think?

 

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (1)

Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Joe, I believe the interest rate climb will hurt those most in the entry level home prices.  Those that just barely qualify, and have worked hard to do so, and with the increase in interest rates now do not have proper debt to income ratio.  Don't have extra money to make up the difference.  Buyer numbers at entry level will see the affect first and slowly work its way up.  Mark

May 20, 2022 11:24 AM