Interest Rates will Affect Smyrna and Vinings Real Estate
Posted by Brian Sims on Monday, February 22nd, 2010 at 4:34pm.For a number of months now mortgage rates have remained at historic lows but some industry professionals are predicting that these rates will increase by as much as 3 percent by the end of the year. This will have a significant effect on home sales for both buyers and sellers. Depending on the price point, a 1 percent change in interest rate will affect how much home you can afford by approximately 10-15%. For example, if you can currently afford a $300,000 Smyrna home at 5%, you will only be able to afford about $235,000 if interest rates rise to 8%.
As a buyer, you will be forced to look at older, smaller homes and sellers will be limited in the number of buyers who can afford to buy their home. So what's the solution? Buy or sell at the best value while you can. There are a number of other mortgage rules which will take affect this summer and will impact the market. The next 6 months will be a pivotal time for Atlanta real estate and we are here to serve your needs.
To see a list of Smyrna and Vinings homes for sale please visit our website or contact us to let us know how we can help. You can also search for condos and townhomes for sale. We have a long list of highly satisfied clients and would welcome the opportunity help you find the perfect new home at an excellent price.
Print
Share
Be the first to comment on this blog entry!