Should You Worry About Rising Interest Rates?

Should you be concerned about the impact rising interest rates will have on the current real estate market?

As you probably know, over the last couple of months, interest rates have been on the rise. Should you worry about these increasing rates? 

Over the past couple of months, fixed-rate mortgages have gone up just over 0.5%. Rates can be as high as 4.25% and as low as 3.5%.

In real terms, this rise in rates means that if you took out a 30-year mortgage on a $250,000 home, you would pay as much as $100 more each month and pay an additional $35,000 over the life of the mortgage. That is a sizable chunk, so some people are nervous that increasing rates will slow down the market.

Our market is not going to slow down anytime soon.

However, the market is not about to slow down anytime soon. Why? Historically speaking, these rates are still incredibly low. Back in the 90s, rates were as high as 10%. In the 80s, interest rates were at 16%! As you can see, these 4.25% rates are still incredibly low.

What does that mean for you? 

As a buyer, these low rates create a great opportunity for you to buy an amazing home, which is way better than renting.

If you want to sell your home, you are in a great position to do so quickly and get top dollar.

If you have any other questions about interest rates and our current market, give me a call. I would be happy to help you!

Your Local Real Estate Market Update

How did the 2016 real estate market do? What can you expect from the 2017 market? 

Today, I’ll go over a quick recap of the 2016 real estate market, as well as a 2017 real estate market update.

In 2016, listings were up 8% from 2015. Interestingly, the number of listings decreased by more than 4%. What does that mean? Inventory is shrinking and prices are going up. 

In fact, the average sales price went up by 3.6% to just over $231,000, and the average days on the market went from 75 days in 2015 to 68 days in 2016.

Now is a great time to be in the real estate market.

What does that mean for the 2017 real estate market? 

If you’ve been thinking about selling your home, now is the time to get on the market. Interest rates went up last year and they are expected to go up a few more times in 2017, so get on the market while rates are still low and buyer demand is still high.

As a buyer, you might want to jump into the market before rates go up and your buying power goes down.

If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!

5 Tips for Selling a Home With Pets

If you’re selling your home and you have pets, follow these tips to appeal to more buyers.

I thought I’d take some time today to talk a little bit about selling a home with pets. I’ve got five steps that will help you prepare your home for sale while your pets are living there, too. Whether you have a cat, dog, bird, or any other animal, follow these tips:

1. Get the pet(s) out of the home before showings. Whether buyers love or hate your pet, they are going to be a distraction during the showing. The best thing to do is have a doggy daycare, a family member, friend, or neighbor watch the pet while there is a showing going on. If you have no other option but to keep them in the house, make sure they are put in a kennel.

2. Hide evidence of pets. This includes food and water bowls, leashes, and toys. Eliminate any pictures of your pets and other signs that suggest you have them. 

3. Clean up any pet mess. Be conscious of their hair, stains, and any other damage they may have caused in your house.

4. Remove any odors. Ask your agent or someone who doesn’t come to your house regularly if they notice any pet odors. If they do, fix it. Odors can linger in places like the carpet, a bed, or furniture. Clear those odors out with fresh air as opposed to air freshener.

Odors can linger in carpet or furniture.

5. Prepare your yard. This could be one of the best selling features in your house, so you want to make sure all waste is picked up and repair any damage to  grass.

If you want to sell your home and you have a pet, it’s much easier if you follow these steps. If you have any questions for us, give us a call or send us an email. We look forward to hearing from you soon.