Are you a New Year’s Buyer or Seller?
Well, it’s the New Year, and many people are considering selling their home. If you are considering selling, don’t do what some people do and wait until Spring. Seller think Spring is the best time to put their home on the market, when their flowers are in bloom. This is good for buyers because there are more homes on the market from which to choose. But keep in mind, that all that competition will make it harder for your house to stand out. Right now is an excellent time to sell. We have a shortage of houses in almost every category. So if you are waiting until Spring you are missing out.
And if you are a New Years buyer, you will want to start your home search now. The reason is interest rates. As you know interest rates impact your purchasing power. A small rise in rates can potentially shave thousands off what you can afford.
Everyone would like to know what the mortgage interest rates will do this year, but the best we can do is speculate. That said the Fed is now talking about raising interest rates possibly by mid 2015. Further, as we get closer to a Fed rate hike, mortgage interest rates will become more volatile. One thing is for certain however, we are enjoying record low interest rates, and that won’t last forever. Here is a snapshot of the rates as of today courtesy of Mortgage News Daily