What Do Buyers Need to Know About Our Current Market?

How will the 2017 marketplace impact homebuyers? Interest rate increases are bound to happen, which will directly impact your ability to purchase a home.

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What is happening out there in the marketplace and how does it relate to you as a homebuyer?

Right now, the Fed is committed to raising interest rates in 2017. Rates will go up anywhere from 0.5% to 0.75%. We can no longer keep interest rates at the historic lows that we’ve seen the last couple of years.
Did you know that for every 0.25% increase in interest rates, buyers lose $25,000 of buying power? That’s a lot of money. So, if rates go up by either 0.5% or 0.75% this year, that could affect your buying power by $50,000 to $75,000 in terms of the total mortgage amount.

Interest rate increases negatively affect your home buying power.

What does that mean for you? Ultimately, it could mean the difference between buying a single-family home and buying a townhouse. Interest rate increases can negatively impact your ability to buy a home.
So, if you are a buyer in today’s market, what are you waiting for? Now is the time to make a move so that you can take advantage of these historically low interest rates. I don’t believe that we will ever see these kinds of rates again in our lifetimes.
If you have any other questions about buying a home or about real estate in general, give us a call or send us an email. We would be happy to help you!

How Is the 2017 Market Shaping Up for Sellers?

Due to rising interest rates and a depletion of inventory, now is the perfect time to put your home on the market.

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We’ve been experiencing historically low interests rates, but that’s going to change moving forward in 2017. The Federal Reserve has already announced that they will raise interest rates this year by 0.5% to 0.75%. For every quarter of a percent rise in interest rates, that decreases a buyer’s ability to buy a mortgage by $25,000. This means we could see buyers losing purchasing power by $50,000 to $75,000 in the upcoming year.  

For you as a seller, this means that as the year progresses and interest rates rise, you’ll find buyers who have less ability to buy. For some people, it will make the difference between being able to afford a single-family home versus a townhouse.

It’s an ideal time to sell your home.

If you’ve had any thoughts of selling, 2017 is the year to do it, and you should put your home on the market as soon as possible. Buyers want to take advantage of these interest rates, and because we’re also experiencing a depletion of inventory, they don’t have much to choose from. That means there’s a significant chance that your home will generate multiple offers, which almost always translates into more money in your pocket.

If you’re interested in putting your home on the market or have any other questions, please don’t hesitate to give me a call. My team and I would be happy to help!

We Hope You Have a Great 2017

Happy New Year from the Wicker Homes Group!
We hope 2017 is your best year yet.

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As we begin 2017, we wanted to take a moment to thank you for your business and your support in 2016. 

As you know, we are passionate about serving clients at the highest possible level and helping them buy and sell homes. Wonderful clients and friends, like you, make it all possible.

We wish you a new year filled with great opportunities, new adventures, happiness and love. May 2017 be your best year ever! 

From all of us at the Wicker Homes Group.

Debbie, Tad, Sara, Jen, Mike, Alexandra, Marie, Dylan, Julie & Allyson

P.S. If you haven’t seen our new website yet, check it out! And feel free to share it with your friends.