Now that our housing market has stabilized, more and more of our Charlotte homeowners are considering moving up to the home they have always dreamed of.
Charlotte home prices overall are still below those of a few years ago and interest rates are still near 4%.
Sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
The chart below details as rates increase the price of the house you can get will decrease.
With each quarter percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.
For more information and helpful tips on selling in the Charlotte and Concord real estate market download our free guide.
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Renda Powell, Broker & Concord Neighborhood Specialist.
Together their goal is to educate Charlotte and Concord home buyers and home sellers with up-to-date data local Charlotte and Concord real estate market trends so they can make smart housing choices and get the most house for your money.
My experience with Chris and the C.A. Carter Group was excellent. As a real estate agent he was superb, letting me know all the key attributes that would increase the value of my property and informing me of features that would increase my enjoyment in my new home. Building a new house as a first time homeowner can be a bit overwhelming. Chris eliminated much of that facilitating the entire process to maximize my buying opportunity, making the entire process quite pleasurable. Would I recommend Chris to a friend? I already have and their experiences have all be as positive and pleasant as mine. Cris