Real Estate Headlines: Impact of Interest Rates
With higher interest rates, what is happening to the real estate market? Angie shares what she has seen and experienced as a realtor in the Triangle in relation to the national real estate headlines.
With interest rates rising, what kind of impact is that having on the market? Buyers have proven to be resilient and continue to buy. As interest rates continue to increase, buyers are trying to make a move before it increases out of their budget altogether.
Another headline said buyers are starting to pay double for down payments than what they used to do. The national average was $14,000 two years ago whereas the average is $28,000 today for the initial down payment. Keep in mind, the price point of the home plays into this number. Angie has seen the down payment locally much larger just to make the offer more competitive. With the higher interest rates, people are also putting more money down to lower their monthly payments.
Selling a home above list price is still the norm. In April, 52 percent of homes nationally sold above list price, reach is an increase from the same month a year prior. Angie’s team is consistently seeing an additional five to seven percent above the list price here in the Triangle.
Listen to the entire episode or skip ahead to a particular question using the timestamps below.
0:38 - Buyers are still buying despite higher rates.
2:21 - Buyers doubling down on down payments.
5:57 - Homes continue to sell above list price.
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