Today, we're seeing a decline in affordability by 14%. In other words, if your mortgage payment was $2,000/month before the Fed rate increase, it's now $2,700/month. And that's just the beginning. If we keep seeing increases in interest rates, your mortgage payment will continue to go up as well.
So unless you're planning on moving out of town (which I don't recommend), there are some things you need to know about how this affects your home buying or selling decisions:
1) If you're looking to sell your house because you can't afford it anymore, you should be aware that realtors like me can help educate home sellers about what's going on in the market and how they can get through it—but only if they're receptive and willing to take our advice!
2) If you're thinking about buying a house because you think it'll be cheaper than renting, but aren't sure where exactly you want to live yet… Please rethink that plan. We are in a bubble right now just like we were in 2008. That means that home prices are going down and selling fast—so if you wait too long, it might be too late for you to get out with any profit at all.
That being said, there is hope! You can still get out of your house with some money left over if you sell now, but only if you take action now and start working with a realtor like me who knows this area inside and out. I will make sure that when you sell your home, it's as easy and stress-free as possible. I know how important this transaction is—not just because of the money involved but because of the memories these homes hold for many of us. And while it might seem like there aren't many options out there right now, I have some tips that can help make your next move much easier—and much more lucrative!
In short: don't panic! Right now may be an excellent time for people who are looking to buy a house in this market—but sellers should also take advantage of today's low rates while they can before they go up again.