• Rates Are Up: Mortgage rates have increased to 6.85%, the highest in over a month, after recent rate drops.
• What’s Happening?: Recent global trade tariffs caused market uncertainty. This led investors to buy bonds, temporarily lowering mortgage rates. As the situation calmed, rates climbed back up.
• Impact on Buyers: Higher rates make buying a home more expensive, especially with already high house prices. However, more homes are on the market, which could mean more choices for buyers.
• Impact on Sellers: With rising mortgage rates, sellers may face longer sales times and need to be flexible with pricing as buyers become cautious about higher borrowing costs. This environment may require strategic marketing and incentives to attract potential buyers.
The impact on buyers with higher rates will make buying a home more expensive. In this environment, sellers should work closely with their real estate agents to develop strategies that effectively market their homes and attract buyers. You can contact us for more detailed strategic plan, you can reach us at 858-345-0685.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
