The BIG story to start the year is the rising mortgage rates. Rates remained relatively flat for much of 2017, but with the 10-yr Treasury Bonds at an all-time high and the economy seemingly kicking into an even higher gear, mortgage rates are beginning to spike…up about a quarter of a percent since January 1st!
30-yr Fixed Rate Mortgage Average in the US
So what does that mean for the housing market? It could mean even tighter inventory as sellers stay out of the market and hold onto their existing low rate loans. That makes it much harder for buyers, many of whom have been shut out of the market already with low supply, as their buying power decreases with rising rates. We may see a jump on the spring selling season as buyers do what they can to beat the competition.
It's more important than ever for buyers and sellers to work with an experienced team like CHORD Real Estate! We have had success finding many of our buyers off-market properties…allowing them to get off the sidelines! We have also had much success helping our sellers find pre-market buyers willing to pay top dollar. Contact CHORD today for a comprehensive, no-strings consultation.