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Is it a "now or never" type of market here in St. George? It sounds dramatic, but there are a few changes we may see soon that could knock many St. George area Home Buyers and Seller right out of the market for a very long time...if not forever!
CONSIDER THIS:
Interest rates are currently close to historic lows, hanging around 4.5%. If they go up 1%...just one point, a Buyer's purchasing power is DECREASED by a full 10%! For example, if you're trying to buy a $200,000 home, and rates jump just 1 point to 5.5%, you're buying power drops to $180,000. That's 10% of your buying power gone...obliterated...vanished like it was never there!
If, for instance, you were having trouble finding that perfect home for $200,000, think how hard it will be to find one for $180,000. That one point increase in interest rates can drastically change the whole buying process and make you settle for less.
And it’s not just gonna affect BUYERS. Sellers need to understand that this effect on Buyers will hurt their ability sell their property as well!
If you are on the fence about entering the real estate market, take the fact that interest rates are expected to rise as early as winter 2014/2015, and "they" have been saying they would rise at any moment for over a year!
By waiting to make a move, you could cost yourself a lot of money...and perhaps the ability to buy or sell AT ALL for the near future.
GET YOUR FREE APPRAISAL:
Our friends Brad Shutterfield and Patriot Mortgage have offered to give our clients a free appraisal at a $450 value to help them take advantage of this opportunity. Just REPLY TO THIS EMAIL and let us know you'd like us to connect you and the free appraisal is yours!
We're serious folks, it's opportunity time. Reply by email or give us a call with your personal burning real estate questions. Take care!
