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We have record-low inventory across the country, and rate increases are lowering buyers’ purchasing power. Buyers are being forced into lower price brackets, but low inventory is also keeping competition high. I recently spoke with an agent who brought up a great question: “What do increasing interest rates mean for me and my buyers?” Today I’ll share my answer with you.
Whenever there is an increase in rates, I tell my agents to call their buyers and ensure they contact their mortgage lenders to see if the increase affected their pre-approval status. Buyers also need to know what their new price range will be. Agents should adjust their search criteria to accommodate the increase in rates. The best way to ensure your buyers win is to write competitive offers, and that’s exactly what I’ll talk about next time.
If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
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