How will rising interest rates affect home ownership?

How will rising interest rates affect home ownership?

You may still be wondering if you will still be able to afford the home you’ve always wanted if rates continue to rise.  Good news is, rising rates won’t necessarily change your ability to qualify for a mortgage.  Lenders are looking at your credit score as well as your debt-to-income ratio.  How rates are trending is less likely to have a huge impact than these other two factors, which could be deal breakers.

Some buyers have had to re-evaluate their criteria and revise their search, even looking in different communities, different school district, less square footage or even less bedrooms.  Sellers, on the other hand, will more than likely not see multiple offers like before as interest rates rise and home prices may decrease some as we have seen in the past couple of months.

If you are looking to buy a home this year, contact us as soon as possible!  We can form a game plan and take action now so you can buy the house you were looking for.

If you are looking to sell a home, you should be aware that buyers may be a little sparse.  As stated before, you may not see as many multiple offer situations and your home may sit on the market a little longer.  If you are planning on selling, we will need to make sure your home is priced appropriately for what the current market will bear and that your home looks the best it can be.

If you want to know any more about current market trends or what we can do to help you buy or sell a home, please do not hesitate to contact the Stacey Feltman Group today.  We would love to chat! Contact us at 214-356-8368.