CHARLOTTE – As most everyone knows we are currently in a rising rate market for mortgages. The interest rates have climbed to the highest point since 2008, slightly hampering affordability. As this may deter some buyers from the market, other buyers have actually found this as an opportunity to secure properties with more negotiating power than we have seen in years.
In addition, this has given buyers the ability to make thought-out decisions rather than having to submit an offer (over asking price) within minutes of seeing a home – like we saw just recently. Many of these buyers that continue to be in the market understand, or have seen rates increase in past, and understand that if they can get the perfect home, at the perfect price, then the interest rate on the mortgage can always be refinanced when they inevitably come down. One client said it best this week, “I am not worried, as what goes up must come down.” This situation is simply normalizing the housing market. In due time, the interest rates will drop, the client will then have the option to refinance his home to the lower interest rate/payment, and at that point (just as so many did in 2020 and 2021) they will be thanking their lucky stars they did not pass on this beautiful home.
If you, or anyone you know, has any questions on current mortgage options, please do not hesitate to reach out firstname.lastname@example.org – (704) 430-6138.
Look forward to sharing more of the market conditions next week!