How Will Rising Mortgage Interest Rates Affect Buyers and Sellers?

How will the rising mortgage interest rate is going to affect the sellers and buyers? Well, let me tell you this as interest rates increase by 1%, the buyer buying power drops by 10%. That’s significant. The buyer may have to go buy a cheaper house or a smaller house and the seller may not get as many as offers or they may not get as good offers. In current market we are in mortgage interest rate around 7%. We’re not seeing that much effect on our pricing. We are seeing prices being way more flattened. As a matter of fact, in some areas, If the home is in great condition and is priced well, they’re still selling at asking price or above. So, still great time to sell. If you are looking to sell your house, feel free to call me and I’ll walk you through it.

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Shirin Rezania Ramos | 858.345.0685 | | Compass, DRE 0203379

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Shirin Rezania Ramos, Realtor®