2022 Real Estate Market Update Q3:
Hey, everyone! I’m Patrice Henderson with Designed Living Real Estate. I just want to give you a quick market update as we head into quarter 4 of 2022 and the most recent update that the mortgage interest rates have gone up to 7.08%.
Now, what does this mean? Well, if you’re looking to sell your home and also buy another home, you’ve experienced the setbacks of “If sell my home, where am I going to go?” And also, “How am I going to get my offer accepted on that home that I want?”. Well, this should be easier for you now, because the seller will more likely be willing to accept a contingent offer now, depending on the home that you buy.
Now, if you’re looking to straight up buy your first home or a home without any contingencies, this is also a good idea for you as well, because you will not have to worry about as much competition that you could have had earlier this year or last year. Meaning that you can write an offer maybe at full asking price without any contingencies being waived. All of those interesting things that people were doing before, now you don’t have to worry about that for the most part. So it depends on the house. And then of course, if you just need to sell or buy a home, now is going to be a better time than waiting because interest rates can continue to go up from here.
So that’s all I have for you today. If you have any questions, you can comment below, private message me, call me or text me at (248) 780-2521 or you can email me at [email protected]. So thank you and as always close with Patrice.