Here’s what happened to interest rates in late September 2022.
What happened to the housing market in late September 2022? In case you haven’t heard, interest rates are near 7%. If you’re a buyer or a seller, how does this affect you? Today we’ll explain what rising rates mean for your real estate plans.
A year ago, interest rates were at 3%. If you bought a $500,000 house back then, the payment would be about the same as a $350,000 home with today’s interest rate. That’s a huge difference in buying power, and we make sure to discuss this with our clients.
Due to rising interest rates, buyers can now negotiate inspection contingencies and request closing costs. Sellers, on the other hand, should be more open to negotiations and consider paying the closing costs to give buyers more options.
There are different tools available to make the transaction successful for both the buyer and seller. If you want to learn more about today’s market or have any questions about this topic, call or email us. We’d love to connect with you.