Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

 

Today, we'll talk about Interest Rates are rising – Is this a good time to buy a home?

 

 

Everyone knows, overall, home prices have been rising together with interest rates. This has been a moving market, and it is representative of our local economy and national financial trends.

 

Is this a good time to buy a home?

 

The answer will always be depending on your current situation. If you are renting, essentially you are paying 100% to your landlord and paying 6% even 7% for a mortgage still a better move for you.

 

While the mortgage rate has risen, it is still not unreasonable a higher percent interest on your home loan and let me tell you why?

 

At a recent point in time, several months ago, interest rates were around 3.5% but are now around 5.5%, so the rate has risen much faster than expected. But, at some point, this too shall pass, and the market will stabilize with a tendency to normalcy once again.

 

The 30 year fixed rate has been below 4 percent. After the pandemic hit, the 30-year fixed rate stayed around the same for a few months. This is because the Federal Reserve has made a big push to keep rates low to avoid a recession. 

 

Today, the Fed will have to increase them again and hope that our economy will be able to jump over our current economic conditions for more stability on prices.

 

In the last year, inflation began to rise due to a number of reasons. This pushed the Federal Reserve to begin raising interest rates to stop the inflationary cycle. The Federal Reserve's decision to increase interest rates has led to higher mortgage rates. Just last week, the average interest rate for 30-year, fixed-rate, mortgages with balances of $647,200 or less increased to 5.65 percent from 5.40 percent.

 

 In some cases, homebuyers may want to look at different housing options such as condos or townhomes to offset high interest rates, but one thing is for certain, the interest rates of a monthly mortgage are always much better than paying 100% or a monthly payment to a landlord

 

A good real estate agent will help you ask the right questions before buying a home. For example, You may be paying attention to the interest rates when you should be asking yourself"

 

"How much home should I buy, given all of my short and long-term goals and objectives?"

 

…and that’s when you need a guidance from a true real estate professional

 

Always consult with your real estate agent about your home inspection results and the options you have inside the sales contract that you've signed. 

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

 

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540