Mortgage Rates are going UP!

 

Mortgage rates are continuing to rise, however are still so low compared to rates in the past years. Some of you may even remember when you bought your home and paid double digits on your mortgage interest rate.  

As mortgage rates continue to rise and they will (expected to hit 4.5% or more by the end of June), more buyers than ever are racing out to buy homes.  This is driving the home pricing above appraisal values in most cases. I truly believe by the end of this year this will stabilize the market somewhat. As an Orange County, CA Realtor®, I am already seeing more homes pop up on the market due to home owners looking to finally cash in on their homes since 2008. Some sellers don’t even realize that their homes are not even underwater anymore. 

I believe as more homes hit the market for sale with higher than normal values on their listing price, along with interest rates rising, this will start slowing the housing market. 

If you are thinking of selling your home, NOW may be the best time for you to take advantage of this market while it is still very HOT for home sellers, but make sure when you list your home to sell that your home it is within the range of surrounding properties. You don’t want your property to be the one that sits longer than the average number of days on such a hot seller's market and you soon become disappointed. “A house built on greed cannot long endure.” - Edward Abbey
If you live in the Southern California area and want to know more of a true value of what you may get if you sold your home, you can call me and I will do a No Cost Market Analysis for you with no obligation to sell. Also, if you think you may still be underwater on your home, you may be surprised that you are not anymore, so call me to today and I may have very good news for you!

Call Jodi “JoSal” at 714.612.6446 or you can visit me on the web at www.HomesByJoSal.com