Today we’re discussing interest rates and what the market is doing, but first I want to remind you of our FREE downsizing seminar we have coming up. If you or someone you know is thinking of downsizing, be sure and let them know about it. It’s titled “The 5 Steps to Downsizing Made Easy.” It will be held at Newberry Hall in Aiken, SC, on February 24th at 10am. Seating is limited so be sure to make your reservations as soon as possible. You can reserve your spot by clicking the button below.
I am frequently asked, “What is the market doing?” or “Is now a good time to buy or sell?” Well, it’s not the crazy time it was in 2021 when people were sometimes buying houses sight unseen, just to secure a home.
Did you know that interest rates are now back to pre-pandemic rates? It’s a good time to be buying or selling. You see what happened, is that after the presidential election in 2016, interest rates began to rise, and they ended up being around 5.34% at the end of 2018. But then Covid-19 hit the United States, and in response, the Federal Reserve reduced the federal funds rate, and they did this to try and spur on the economy, and of course it worked, as we saw interest rates were crazy low, with lots of buyer activity, lots of refinancing, and home mortgage applications going on.
But by July of 2022, we saw interest rates increasing. And now we’re seeing that the rates are hovering around the pre-pandemic rate of the 5.34% rate. They’re expecting rates to increase on the horizon, so now is the time to get your house on the market and to be looking to get your mortgage in place.
If you are thinking about buying or selling, give me a call. My team and I are on standby 7 days a week, 9 am to 8 pm, ready to help you take the smoother road to sold.