Current homeowners watching interest rates are contemplating whether to make a move in this market. Potential sellers are worried about where they would move to. They are also worried about financing their next home and how much more it might cost if they wait.
We’ve talked a lot recently about how rising interest rates can dampen future prices. Rising rates not only hurt first-time buyers, but they also hurt move-up buyers. Lateral and move-down buyers are hurt too if they are obtaining a mortgage.
The advice we give is look at your current situation. Do you love your home? Does your current home meet your future needs? If you love your current home and it meets your future needs, moving isn’t necessary. If your current home needs some expensive repair items like roof, air conditioner, water heater, etc. are you prepared mentally and financially to make that investment? Insurance companies are requiring these improvements, so they will not be optional.
Interest rates could increase another 2% or more this year. Waiting might seal your fate in your current home, so asking yourself these important questions are crucial right now. As agents, we are not here to sell you anything or convince you to do anything. These are questions you should ask yourself and answer yourself.
We are here to answer your real estate questions. When a homeowner comes to us with an idea, we help structure a plan to make that idea a reality. Or we point out potential deficiencies in the plan. There is nothing worse than starting a plan and not having it thought through. We have talked some people out of selling because the back end of the plan didn’t have a realistic end game and we did not want to make the homeowner homeless.
On the other hand, we have helped some sellers devise a plan to accomplish their end goal in ways they didn’t know were possible. For instance, we have some lenders that will lend money at today’s current rates and allow the seller time to sell their existing home, all while only paying one mortgage payment.
Other times we have negotiated lease-back terms favorable to the seller to give them time to make their next move. The point is, there are options current homeowners may not have considered.
We Can Talk
If you are trapped in a home that doesn’t work for you, call Sande or Brett Ellis at 239-310-6500. We can sit down and talk about your situation. We’ve helped many homeowners in the past because we listen to your situation and provide answers. Sande and Brett have built their reputation on giving sound advice and not selling outcomes just because we want more sales. When you start with the consumer in mind first, everything just seems to work out the way it should.
Homeowners also like our home valuation website www.swflhomevalues.com because it gives an instant value of your home. It is fun to track the value each month as the system gives you a new number over time, because the market changes. Many homeowners are not aware of how much their home is worth.
Do not make decisions based off a computer number though. The Ellis Team has been selling homes for far more than appraised value lately, so selling it for appraised value in one day might be leaving tens of thousands of dollars on the table. The Ellis Team uses advanced marketing to reach the greatest number of buyers, not just the ones looking at national portal sites. We can target buyers looking for homes locally and from out of the area. Marketing is more complicated than ever. Anybody can sell a home in 1 day in this market. Few can sell for Top Dollar, and that’s where we come in.
Give Sande or Brett Ellis a call. Interest rates are rising in 2022 so this is the time to ask yourself an important question. After that, you know who to call. Sande or Brett Ellis 239-310-6500