The housing market is still hot for sellers, but the mortgage rates have been trending up. They are now at the highest since early 2021.
Houses are still selling at an incredible pace, typically sold within one week after listing with an agent.
As interest rates rise, there’s been a proportional shift to a lower volume of refinance applications. This means lenders are willing to do more to remain competitive by providing alternative programs for borrowers who have less than perfect credit, and using alternative income sources to help qualify.
This anticipated drop of loan applications can be beneficial for you as more lenders will be available to provide outstanding services and pricing to your needs.
This drop in volume is a huge advantage for buyers as a fast closing is a key factor in influencing sellers to accept your offer rather than taking the time for a price war.
From a homeowner’s perspective, it would be a smart move to put your property up for sale in this red hot market if you are thinking of selling your home. It’s likely that you can pocket very sweet profits.
If you will be selling your property and use the profit to purchase another property, contact me today at 925-216-3618 to find out how much you can qualify for.
