We’re almost halfway through 2017 and summer, the busiest season in real estate, is fast approaching. With all the hype that comes with the upcoming months, there’s also further anticipation as to what will come now that the administration has made it past the first 100 days and seems to be adjusting to their role.
The unemployment rate is the lowest it’s been in years which means more spending. However, the current increase in spending isn’t going at the rate that the Fed thinks is necessary to correct the economy. All this means that the we just need a bit of a push from the Fed to get the ball rolling. Translation, higher rates.
What does all this mean for the average homeowner? It means we’ll see the increase take effect after the next policy meeting set to take place in mid-June. The inevitable increase is only a month away which means buyers will be in a frenzy to take advantage of the current low rate before it’s gone.
Inventory is low and demand is high, but it’s more competitive than ever. If you’re looking to sell, you’re in luck, there are tons of buyers waiting to snatch up your home. The modest rate means buyers will be more likely to spend a little extra if they know their rate will be locked in. Getting ahead of the summer months also means you won’t be competing with the increased inventory.
If you’re looking to buy, now is the time to take advantage of the rate before it’s goes up. The hike is inevitable and a decrease is not likely in the near future so it’s a great opportunity to lock in your rate and settle in before we see 3 more increases by the end of the year.
Curious about how this further impacts you and your investment? Contact me for an in-depth analysis of your homes current value. If you’re a new buyer, I can help you figure out what your options are and how to take advantage of the low rate.
Speak with you soon!