So its here interest rates rising for the first time in approx. 10 years !
Today is the day many have predicted and most of this year I have tried to inform consumers of. The Federal reserve raised interest rates. What does that REALLY MEAN AND HOW DOES IT AFFECT YOU THE CONSUMER?
Lets really take a look at what it means when the feds raise the rates. This NORMALLY does not have an immediate impact on the real estate market interest rates. There really is no reason to panic BUT it does mean (in my opinion and experience) the foundation is set for interest rates in the housing market to begin an upward climb. This does not mean an immediate deal were the market will jump 3 or 4% overnight, BUT my experience is you will see a steady rise in rates for awhile unless economic data shows otherwise.
Regardless of your politcal allifations the PERCEPTION (and in a lot of cases the reality) is the over all economy is better today than it was the last time we had a rate hike. Using the housing market in the areas I service as an example the home prices are WAY UP, the number of NEW CONSTRUCTION IS WAY UP AND STRONG, the number of sales is WAY UP and the number of short sales, REO’s (bank owned property) sales are dramatically reduced.
If did not believe me before, take this to heart! This is NOT the market for the fence sitter, that being BUYER or SELLER! If you do not make a decision soon, a decision WILL BE MADE ON YOUR BEHALF! Think about it.