Planning for 2023 As Mortgage Rates Rise

By
Real Estate Agent with Optima Properties BK 496540
If you’ve been house-hunting in recent years, you’ve really been through it. Maybe you were waiting out the market, hoping the rocketing prices would start to flatten. Now, of course, they have — but between 2021 and 2022, mortgage rates have more than doubled, from less than 3 percent to more than 7 percent.
 
If you are renting and trying to save for a down-payment, the cost of your rental has likely increased as well.
 
Sellers who are sitting on low mortgage rates are not listing their homes for sale and supply shortages, cost of land, and cost of lending, along with higher labor and building costs have slowed down new construction.
 
All these factors contribute to a continued shortage of desirable inventory and home prices are staying propped up and not decreasing as one would expect.
 
Buyers need to adjust their expectations…Every buyer needs to do a gut check on how much house they can afford now. That might seem daunting, but higher mortgage rates don’t have to derail your dream of buying a home. In fact, historically, today’s rates are not considered particularly high.
 
Read full article on Optima Properties' Blog

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kim I like your blog that you share with us today in the Rain.  Make ita great day!

 

Dec 01, 2022 07:13 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share.

Have a very productive December.

Dec 01, 2022 07:42 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Dec 02, 2022 03:46 AM