Dealing With a Higher-Rate Environment

By Travis Bard

We have a simple goal - impact the lives of our clients and change the lives of our agent partners. The PLACE.com business platform allows us to do both and we could not be more excited about the future.

Today, I’m here to help you navigate buying or selling a home in a higher-rate environment. When interest rates increase, that affects both buyers and sellers. Therefore, being educated on what you can do will truly help your chances of success. 

The first thing a buyer should do is improve their credit. Talk to a lender about how to do this because it can improve the rate you pay when you purchase. Secondly, buyers should lock in their interest rates. When shopping for a home, if you can lock in a rate for 30, 60, or 90 days, you won’t be penalized as rates fluctuate. Thirdly, buyers could pay points at closing. Lately, many sellers have offered a buydown where they pay for the buyer’s rate to decrease slightly. 

Today, interest rates on a typical 30-year loan are in the low 6% range, but we’re seeing them decrease slightly. You’ll hear a lot about rates on the news, so make sure to talk to a lender to get real-time updates and trusted advice. Overall, know that buyers still have plenty of options in today’s market. 

As for sellers, there are a few things they should know as well. There are things you can do to incentivize your buyer. You can be educated on things that will work for your specific situation when you talk to a trusted adviser or real estate agent. As an agent, I can help you manage your assets and build your wealth. 

If you have any questions about what options are out there for buyers or what you could be doing as a seller in today’s market, please feel free to reach out. I would be happy to help you achieve your real estate goals, so call or email me anytime.