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INTEREST RATES ARE RISING: HERE’S WHAT IT MEANS

By: Karen Behfar



If you are looking to purchase a home, now is the time to begin the hunt. Interest rates are on the rise and they are predicted to continue to do so. However, this doesn’t mean that all potential homebuyers should panic. In fact,  rates are still low and it will take a considerable amount of time before they jump too high.

Why Are RatesRising?

More than a decade ago the economy took a hit, but we are quickly rebounding. Often, when the economy improves, interest rates also increase. This is because banks need to charge more to pay for their workers and services.

What Does the Future Look Like?

Interest rates change daily. And while interest rates may be on the rise, it will be a slow and gradual process. However, many experts predict that rates will increase at a much faster pace than in the past. While there is no need to panic, if you are waiting for the right time to purchase a home, now is the time to begin actively searching.

Can You Get a Better Deal in the Summer?
You Bet!

While you can buy or sell your home any time throughout the year, the summer is one of the best times for real estate transactions. It offers many benefits for both buyers and sellers that you just won’t find during another season. Here are a few reasons why you can find a great deal – either as a buyer or a seller – during the summer.

The inventory is large during this season. Many homeowners don’t want to move during the cold winter, meaning you have more choices.

There are more motivated sellers. Many individuals want to sell their homes before the cold weather starts or the kids are back in school. Plus, if homes were put on the market in the spring and have not sold, sellers are becoming desperate and are more likely to accept
lower offers.

There is less competition during the summer. Many buyers begin their search when they receive their tax refund and the spring market takes off. By summer, much of your competition has dwindled.

Summer is one of the best times to get to know a neighborhood and a home before you buy. It becomes much easier to go for walks around the community and attend local events, as a way to ensure you want to make the area your permanent home.

Tips for Prepping Your Summer Home

To enjoy your summer, you need your summer home ready for all your upcoming events and relaxing days. This preparation won’t take a lot of time and money, but it will help you feel more comfortable and will make a big impression on all your summer guests.

Pull Out Bright Colors and PatternsLiven up your living space with bright summer colors and patterns. You can easily do this by placing new pillows on your couch, laying out a colorful area rug, and even using bright dishware.

Bring in Some Nature– Fresh flowers andplants not only enhance the energy in your home and improve your mood, they can also create a more lively and beautiful area. Consider adding a vase of fresh flowers on the kitchen table or a pot of greenery in an empty corner.

Real Estate Fun Fact:

Since the Empire State Building was opened during the Great Depression, much of its space initially went unrented. As a result, many New Yorkers referred to the building as the “Empty State Building.”