This could mean that NOW is the perfect time for you to sell or buy!!
As interest rates have increased the number of home mortgages has slowed significantly. This fact combined with the fast growth in home prices since the pandemic has created a nice advance in homeowner equity.
To me, and many other Atlanta residents who have owned their homes for several years, this means that we now have more home equity than ever before… possibly more than we ever dreamed possible. It feels like cash in the bank!
However, many want-to-be-buyers assume this is not the time to buy and many want-to-be-sellers assume that buying their next home in this market is unwise.
For example, recently a prospective Buyer, for the very reason just mentioned, decided to terminate their search for a house. They decided to wait until the prices went down before buying. The property Sellers were disappointed but subsequently, about a week later, listed the house with Haynes and Associates. Four hours after hitting FMLS we had an offer for 30K above that first customer’s offer. We closed 21 days later.
The moral to that story as I see it…
1.) If you can qualify for the mortgage, don’t let the interest rate or price stop you from buying. Especially if you plan on staying in your next home for a few years.
2.) Location can be more important than interest rate or price. (My husband and I bought our Dunwoody home on a 16% mortgage. Our equity in this property is currently about 7 times more that our original price.