Well-marketed homes are selling fast—and many with multiple offers. The market is RED-HOT in Raleigh.
One reason why?
As was hotly anticipated, the Federal Reserve meeting in mid-December 2016 confirmed my predictions—mortgage rates are on the rise.
The good news is that we were starting from nearly the historical lowest-ever mortgage rates. That makes this pill an easier one to swallow…for now.
The Fed’s “dot plot” implies three rate hikes in 2017—but fortunately, the first Fed meeting of the year in February had a unanimous vote to maintain the current target range.
Since then, The WSJ reports that more than half of economists surveyed expect the Federal Reserve to raise benchmark rates at their June meeting, with others predicting a rate hike even sooner.
So, what do higher interest rates mean for the typical Raleigh area real estate transaction?
For buyers, the bottom line is that increased mortgage rates translate to higher monthly payments.
If you are considering buying a Raleigh area home in 2017, the time to act is now. Find an educated agent who can speak to micro- and macro-level economic trends, get pre-qualified with a lender, and start your home search in the first quarter.
For sellers, increasing mortgage rates mean a few things.
Demand in the Raleigh area, for the foreseeable future, will remain on the higher side, with big development on the horizon. That said, buyer fatigue is real and will start to play out in pockets, potentially leading to a decrease in demand.
Decreased demand means reduced traffic through open houses, fewer offers, and ultimately, a lower sale price.
As a seller, do you know what, exactly, your target should be?
Selling your home for the highest possible price in the fewest days on market.
If you’re considering selling your home in 2017, the time to act is NOW. Find an educated, connected agent and start the preparation process to get your home on the market and maximize your sale price.
How do you do that?
Get started with my proven Strategic Marketing Consultation.
We will cover your goals, and my unique approach to getting you the highest possible price in the fewest days on market.
Call for your Strategic Marketing Consultation today ➔ 919-390-6211