It's been a week since the President Elect Trump was chosen to lead us in the new term. How has that selection affected the real estate market? That is the big question everyone is asking.
Mortgage rates rose nearly half a percent in one week since the election. And the experts predict this will continue at least until the first year of the new administration.
This rapid rise in mortgage rates will definitely affect the market, whether you are on the buy side or sell side. If this trend continues, for buyers the overall cost of the home will rise as their cost to borrow will increase and reducing their purchase power.
For sellers, an increase in cost to borrow for buyers mean there will be less buyers in the market place, pushing down prices as there will be less competition to purchase homes on the market.
Then of course, the Fed has already indicated they are on track to raise the interest rate before the end of the year. This was, of course, before this reaction from the marketplace.
For people who have been waiting on the sidelines trying to figure out the market, here is an indication of things to come.
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