What does the rise of interest rates mean for buyers in the market right now?
MORE OPPORTUNITIES.
What a good time to be a buyer right now! From Jan 2022 to present, the mortgage rate has risen from 3% to 7%. On the surface, it may sound like purchasing a house will only be more expensive but in contrast, this is simply more opportunities for buyers.
The increased rate has allowed for more reasonable and competitive prices between buyers. Rather than continuously increasing the prices, buyers work at negotiating lower prices, allowing for more opportunities for participants seeking to purchase a house.
With a bit of negotiating, buyers should be able to find themselves a variety of options for all their wants and needs. And the best part? They can find this all at more competitive prices.
If you are looking to buy, now is a good time. Interest rates are still attractive compared to where they may go in the future. If you have any real estate questions, feel free to call me at (718) 767-8200. I would love to hear from you.
