Look, mortgage interest rates have been on the rise. Right now, they are already over three-quarters of a percentage point higher than they were in January. Freddie Mac reports that rates for a 30-year fixed mortgage just rose to 4.72%. Here’s the thing: Those rates are only expected to rise.
The interest rate you secure when you purchase a home impacts not only your purchasing power, but also your monthly costs and how much you actually spend on a home. So, while many people think that they can hold off until home prices fall, it doesn’t make economic sense. If you’re hoping a home is going to drop by another 10K, have you considered that while waiting, interest rates will continue to rise? That means that the amount of money you are actually paying in the long run and each month will raise.
For every quarter of a percent that interest rates rise, you can afford to purchase a home worth 2.5 percent less. Within a year, interest rates are expected to be over 5 percent. Waiting for a home price to come down makes very little sense. If you want to buy a home, act now! Get locked into a rate before they rise again.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!