JUDY TIERNEY

Let’s talk about interest rates. If you’re following the news, you probably heard that just
last week the Feb approved an interest rate hike that brings benchmark borrowing costs
to their highest level in 22 years!

Even before last Wednesday’s announcement, I can’t tell you how often I heard people
say, “Interest rates are just too stinkin’ high right now! It’s become one of the biggest
reasons why many folks have put their property search on hold. Sellers too are reluctant
to list their homes when they know they’ll have to face the high interest rates when
buying somewhere else to live.

But let’s take a trip down memory lane to early last year when interest rates were
hovering in the 3% range. Remember that frenzy? Multiple offers were flying left and
right. Selling prices soared way above asking. And buyers even waived their right to
back out of contracts based on the home’s appraisal.

It was a wild real estate rollercoaster!

Now, here’s the deal. Interest rates will come down again. Maybe not to the magical 3%
mark – but they will decrease eventually. And when that happens… we’ll see a shift in
the other direction. All those buyers and sellers who hit the pause button will come
rushing back into the market.

So, do you see where I’m going with this? High-interest rates can make mortgage
payments seem daunting and cause buyers to be hesitant. But here’s the silver lining: it
can also be a fantastic time to find and negotiate incredible deals. ☁️

As they say in the biz, “You date the interest rate, but you marry the house.” In other
words, you can always refinance down the road. It’s like a double score!

The truth is, it’s always a good time to buy real estate if you’re patient and wait for the
right deal. Timing is everything friends! And with a glass-is-half-full-attitude, taking the
plunge now might be the best decision you’ll ever make!

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