Are buyers realizing how expensive their hesitations has become? by Claudia S. Nelson with Keller Williams Realty in Woodbridge VA
With the recent increase in interest rates and home prices, some buyers have been realizing how expensive their hesitation has become. A real world example from a Woodbridge VA Home Buyer. I have been working with this first time Woodbridge VA Home Buyer for quite some time. They have seen many homes that they liked and would have met their families needs, but they just have not been ready to pulling the trigger. Now that they are ready interest rates and prices are higher then when we originally started looking at home for sale in Woodbridge.
So far January has been a very busy Real Estate Market, despite the cold temperatures. When I speak with these buyers they are telling me they want to get in before home prices rise further and while interest rates are still low(ish).
Just to taking the example of my buyers last year their purchasing power was higher but now due to the rise in interest rates the lender has told them they lost approximately $ 30k of purchasing power and they no longer qualified for the one home they really, really wanted. But no worries we found a great second choice for them so all is good.
If you are currently in the market for a new home don’t wait too long. Although no one has a crystal ball and no one can predict what will be happening for sure. At the moment all indications are for higher interest rates, which could prevent you from being able to affording the home you really want. Call me today at 571-285-4319 to discussing all your Real Estate Options. It is not too late, it is never too late, there are always great Real Estate Deals out there.
