For any seller or buyer out there who is not yet 100% committed to selling or buying, consider the gamble you're taking in waiting.
If rates increase even one point, the cost in waiting is tremendous. And some of the buying power is lost.
So as a seller, you have to decide. Do you get your house priced where it needs to be to get it sold now, even if that means selling at a lower price than you would like? Or do you keep it priced where it's at and risk losing some buyers in the near future?
And as a buyer, you also have to decide. Do you wait to see if prices drop more and risk losing some of your buying power if interest rates creep up, therefore not being able to afford as much house? And what about the cost? What about the cost over time??
The choice is yours. How much of a gambler are you?
Rates going up Peggy you are right are the huge threat to waiting to buy. With the debt ceiling discussion going on, the interest rates might go up on that alone.
Peggy, such great info which most folks do not comprehend. Hope it helps you with some of your clients.
Cal
Gary -- I wish buyers would understand that -- and sellers, too!
Cal -- I've shown this to a few buyers but unfortunately haven't had much success in getting them to understand the risk. Hopefully in time.