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Late last year the Fed met and raised interest rates for the first time in years. It was a small increase, but what many people don't understand is that even small interest rate increases have a huge impact on affordability.
We're predicting interest rates to rise slowly over the course of 2016 as the market continues to stabilize. Inventory is down and home values will continue to rise. Additionally, on-the-fence buyers are going to enter the market in order to make a purchase before rates increase significantly.
It all comes down to supply and demand when it comes to the pricing of homes. We already have a low inventory, and we're expecting an influx of buyers trying to avoid high interest rates. This is a perfect storm for sellers in our area; your home's value will likely be at a premium in 2016!
If you have any thoughts of selling your home this year, now is the time to start looking into the process. Give us a call or shoot us an email at any time so we can start talking about how much we can get for your home! We look forward to helping you take advantage of these fabulous conditions soon!
