Real estate impacts of rising interest rates
"Today is probably the best time in the history of the United States for sellers to get the most money, and now is the time to do it," realtor Donna Castillo said.
Real Estate experts are advising if you're ready to sell your home, it's a great time to capitalize. However, with interest rates rising once again, many potential homebuyers are being priced out.
It's becoming more difficult for potential homeowners to take out new loans and for current homeowners to refinance current mortgages or qualify for home equity lines of credit.
On the flip side, home values across the country are still peaking with rising appreciation.
"The average media price is about $350,000, and found about a 7-10% appreciation in those homes, so if you buy you're going to make money. Real estate, you're always going to make money," Castillo said. "You lose by not buying. I find that some people wait and the market appreciates and now they've missed out. And they're not going to be able to afford a home."
It's also a byproduct of the COVID-19 pandemic, with many families realizing the need for additional space.
"So suddenly their home was way too small for the current conditions," Castillo said. "That caused them to have to sell and buy homes and just get more space for their family. So that was a real shift, we thought we would see everyone sit still for a while. They didn't, they needed that extra space. So we saw a lot of movement in the market."
Castillo recommends the following tips for selling your home faster:
1. Buy Another House First
2. Move Out
3. "Pimp Your Crib"
4. Courageously Underprice
5. Auction Your House With A Low Starting Bid
Watch the video above for the full story.