When I’m not busy trying to get my hair to look like Connie Britton’s from the hit show Nashville (pictured), I am selling houses. Lots of them. I don’t think people quite believe me that it’s the absolute BEST time to sell until I list their house and it sells for full price or higher in the blink of an eye. Really. If you are at all thinking of moving, we should’ve met like 7 seconds ago. At this point you may start to realize I like to watch a lot of TV and TV commercials. Any-who, let’s talk about the market.
Over half of the recent transactions in my Windermere office have involved multiple offers. The agent next to me said he was truly worried because his listing had been on the market 7 days and he hadn’t received any offers. Another agent said she should’ve put an offer deadline on her listing because she ended up with 20 offers. This is not a joke. The inventory is LOW and the interest rates are LOW making it the perfect storm for sellers. If you are a buyer you are probably feeling the frustration of not being able to find anything or being involved in multiple offer situations. Spring will probably provide a little more inventory but if you want your house to sell quick list it NOW while there’s virtually NO competition and LOTS of buyers.
And here is why you need to run (not walk) to the nearest real estate agent (me, or Connie Britton if you mistook me for her because of my hair). The rumors are true that interest rates are on the rise. Here it is in black and white:
Today if you are looking to buy a house for $500,000 the rate is somewhere around 3.875%. If the rates jump up one percent to 4.875%, you now only qualify for $444, 284. If they jump to 5.875%, you qualify for $397,470 (insert dramatic gasp here). At $700,000 your buying power goes down to $556,458 if the interest rates creep up 2 percent. I know some of you will literally kick yourselves if you wait and this becomes a reality. And to add insult to injury, prices are also on the rise.
Ok, I’m expecting my phone, email and Facebook to start blowing up any moment. If I don’t answer, I’m either watching TV or selling houses.