It doesn’t matter if it is your first home, if you are refinancing a home, or selling a home, the rising interest rates will make a difference in price. Mortgage interest rates also create more uncertainty in the housing market than most of us can remember in recent history.
The key here, however, is that uncertainty doesn’t equate to getting a bad deal, nor is it indicative of an unsafe market; it only requires a little more expertise and experience to navigate today. That is also why it is important to work with people and companies like UpDwell Homes, who offer the experience (57 years in fact) you need and can help with your next new home.
The Impact of Rising Interest Rates on the Housing Market
Sluggish is the buzzword surrounding the housing market today. Once again, however, that isn’t the same as a troubled, hurting, or dying market. The current strength of the housing market is evidenced by its continually climbing cost of homes.
If that sounds like an oddity, you might be right, but there is a plausible explanation for this peculiar twist, according to housing market experts. The rising interest rates, as market analysts have reported, have made sellers more tentative about pulling the trigger or even hitting the market at all. As a result, fewer houses on the market have maintained or even weighted the supply and demand aspect of the market, keeping housing costs up.
Mortgage rates have grown exponentially over the past year, and the rising interest rates have resulted in people paying more for their homes. The determining factor moving forward will be the Federal Reserve rates. Any decrease in the current rates and the housing market could go boom. Otherwise, we should expect to continue seeing more of the same.
2023 could be a big year for the housing market. Regardless of where you are in the process, from selling to buying to building a new home, it is a good idea to proceed with caution and seek guidance from experienced home market professionals.
Experienced Quality Home Builders
Welcome to UpDwell Homes LLC. If you are considering a new home, then we would love to help. Let us put our decades of home-building experience to work for you, and let our team help you design, plan, and build the home of your dreams. Contact us today to learn more or to schedule an appointment today.
