Friday, August 16, 2013
Nashville's Rising Interest Rates
Hey everyone! I wanted to introduce you to my new video blog! We’ve had a lot of buyers and sellers lately asking us for a ton of advice. We thought this was the perfect way to keep you updated on what’s going on in our local real estate market: market conditions, how to improve your home to get more money, how to get a great deal for a property and if you have an specific questions, email me and we’ll answer it!
It seems one of the most popular questions people have is about the rising interest rates and how it affects resale. To break it down simply, for every 1 percent interest rates climb, the seller is losing $10,000 value per $100,000.
If someone was originally looking at homes in the $300,000 range, they are now looking at $270,000 homes. That hurts sellers because buyers are now wanting to get that same $300,000 home for $30,000 less.
This becomes more of an issue because prices are increasing. We are seeing record pricing, but buyers do not want to pay that amount.
Thank you for watching!
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Hello,
ReplyDeleteI am a Physician Loan Specialist with SunTrust Mortgage
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