Mortgage rates continue to rise and have hit their highest level since the fall of 2008! According to Freddie Mac, the 30 year fixed rate mortage averaged 6.02% in the week ending September 15, up from 5.89% the week before. This same time last year, rates were significantly lower at 2.86%!
So what does all this mean for the real estate market? That is a great question and a lot remains to be seen! We have seen the market begin to slow, as many buyers affordability is being impacted by higher interest rates. Prices have remained stable, as the supply of homes available still needs to catch up to demand. What we are seeing though, is buyers having more opportunity to negotiate on repairs or credits, which was completely unheard of over the last few years.
If you have been thinking of selling, time is definitely of the essence right now, as the market continues to change with rising interest rates. As a buyer, there may be more opportunity to negotiate on the purchase, but not necessarily lower pricing, just quite yet.
Give us a call to help you out with your real estate needs, whether it be residential or commercial. Streett Hopkins is located in Bel Air, MD, serving Harford, Baltimore, and Cecil Counties. We are local to the area and readily available to help!
