US Mortgage Rates Reversed
“Based on Freddie Mac’s latest Primary Mortgage Market Survey, after plateauing in recent weeks, US mortgage rates reversed course and reached a new high last seen eight years ago.” Just last August the 30-year rate was about 3.8%. That’s a 21% increase in rates in nine months.
According to the World Property Journal, “Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, but gas prices are also currently at four-year highs just as we enter the important peak home sales season.”
US Mortgage Rates Reversed
“While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”
There are consequences of higher rates.
- Higher rates will stretch the budget of homebuyers. It may result in payments too high for their budget.
- Higher US mortgage rates could limit the supply of homebuyers’
- The higher rates could cause home prices to fall with fewer qualified buyers.
- Rates moving higher could slow the economy, which is what they are intended to do, and push leveraged businesses over the edge.
Doesn’t it make sense to prepare to sell your house before a slowdown hits? After all, nothing grows to the sky. Housing has been on a roll since 2009 and homeowners have never been so wealthy. If you have been waiting for the perfect time to sell and downsize or sell and move to a better area, that time is here.
How does our process work?
If you are looking to sell house fast for cash in the Kansas City area, call us. We will do a walk-through of your house, note any deficiencies, and figure out what it would cost us to fix those items and at what price we could sell the refurbished house. We may note the house needs some work, such as replacing a carport with a garage or renovating the kitchen.
Terra Firma Property Solutions, LLC knows today’s homebuyers want granite counters, double sinks, a dishwasher, stainless appliances, modern lighting, and modern cabinets. Those items may be beyond your budget.
We explain how we calculate the profit we need on our investment and then offer you a price for your house.
We point out that there are no realtor commissions of 5 to 6% to pay out of your proceeds. In fact, there are no fees whatsoever. There are no open houses to live through and no fears that something will go wrong when it’s time to close.
Isn’t that what you want?
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
