With mortgage rates hovering around 4.00%, it is a great time to buy a home.  These rates are the lowest mortgage rates that this country has seen in over 30 years.  The inevitable rise in rates will happen sooner than most people think and it will cause a change in the real estate market.  Buyers will be much more prominent and willing to buy with just the hint of rates rising.  With the possibility looming, we could be looking at a large increase in buyers once the rates raise back up to 5%.

The rising of rates is a great opportunity for sellers.  Bidding wars will be more prominent with more buyers on the market looking to purchase a home quickly in order to take advantage of the low rates while they last.  Currently, the sellers are already at an advantage due to the fact that there is a lack of inventory on the market.  However, property values are lower than they may want to be willing to sell at so they are waiting for the property values to increase.  The current market is in a stand still due to this situation, but the increase in mortgage rates will quickly change the market.  History shows that the increase in rates will increase the amount of buyers in the market, the increase in buyers will increase the demand in the market and result in an increase in property value, the increase in property value will increase the amount of sellers willing to sell, and it will all result in much more activity in the real estate market.

So prospective buyers, now is the right time to buy!  If you wait too long, rates will rise and so will the property values.  Sellers, you are in good shape either way.  Right now the inventory is low so selling your property will be a faster process than usual but an increase in mortgage rates could increase the value of your property.  Call Marie Gentile today to take advantage of the market!