Hello everybody my name is Cade Olof and welcome back to Suburban Snacks. This month’s snack is… fancy Medjool dates! In this episode, we’ll be explaining how rising interest rates are putting pressure on potential buyers. According to a new consumer survey conducted by Redfin, nearly half—47%—of home buyers recently surveyed say they would feel more pressure to buy a home if mortgage rates passed 3.5%. Mortgage rates are largely forecast to continue to rise over the coming months. The National Association of REALTORS® forecasts that mortgage rates will average 3.7% by the end of this year. So not only would higher rates pressure people to buy a home but it would also have an impact on the type of home they decide to purchase. According to Realtor Magazine, twenty-nine percent of buyers say that if mortgage rates increase above 3.5%, they will change their target areas to buy a home and seek a smaller one. A Redfin survey showed only 7% of the 1,500 home buyers surveyed say they wouldn’t change their plans at all if mortgage rates rise above 3.5%.
Suburban Real Estate Group2023-01-30T09:04:39-07:00January 15, 2022|Suburban Snacks|
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Suburban Real Estate Group
Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
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