We can look at projections, but there’s no telling how next fall is going to look like.
Steven Diaz sits down with Ryan Haley to discuss the impact that interest rates will have on the buyer pool.
Everything is looking good in the real estate market and all indicators are pointing up, but interest rates are definitely going to influence buying power the most.
Currently, we have low interest rates, thus we have a massive pool of buyers who can afford to buy properties right now. It isn’t clear whether this situation will be the same next fall. Experts aren’t sure where interest rates will be at that time.
If interest rates go up a decent amount, then that will shrink the buyer pool. So, if you are a seller, you can choose to rent out your property for another year. However, you should also note that right now, we have qualified buyers who are missing out on properties.
Some buyers are still in the market for about 18 to 24 months, but if this continues for maybe another 12 months, we might see those buyers remove themselves from the buyer pool.
Thus, if your goal is to put some money in your pocket right now, get in front of the economy and the stock market, then right now is probably the best time to be a seller.
If you have any questions about selling or buying a property in the Maryland and Delaware markets, please give us a call, and we’ll be happy to answer those questions for you.