Many homeowners are experiencing what the real estate industry calls the mortgage rate lock-in effect. They want to move, but they’re reluctant to give up their low interest rates. Here’s something worth considering, though: You may have more buying power than you realize.
Feeling stuck in your home because of your low interest rate?
The real estate market is changing, and buyers may have more opportunities than they’ve had in years.
There are a lot of questions between thinking about moving and actually putting a For Sale sign in the yard. Where will you go? What is your current home worth? How much equity do you have? Should you make repairs or updates before selling? Do you buy your next home first or sell this one first? These are exactly the conversations I like to have with homeowners well before they’re ready to list. Because in my experience, a successful home sale starts long before the For Sale sign goes up.
If you’ve been watching the real estate market lately, you may have noticed something interesting. One home goes on the market and is under contract within days. Another home sits for weeks and eventually has a price reduction. So, what makes the difference?
Inventory is up, with home sales reaching their highest level since 2019. But it’s important to keep in mind that those numbers include both existing homes and new construction.
