Here’s how rising interest rates may affect our real estate market.
In August, we hit a low average of 2.8% for 30-year fixed mortgage rates. In 2022, many experts are predicting an increase to 3.5%. Historically, that’s still a fantastic rate, but it will limit the buying power of the average buyer and could potentially cool the market.
We expect things to remain pretty robust on the selling side, but a leveling out of rates could lead to a slight increase in inventory. That could lead to a slide in home appreciation as well.
If you have any questions or are thinking about buying or selling in 2022, don’t hesitate to reach out via phone or email. I look forward to hearing from you.