Higher mortgage rates can affect your home-buying plans in Metro Detroit. Find out how to navigate this tough market, find cheaper rates, and what’s next in Metro Detroit.
Navigating the Higher Mortgage Raes: What’s Next?
Mortgage rates are climbing, making headlines everywhere. They’ve hit their highest point in over 20 years. But don’t worry; this isn’t the end of the road if you have plans to move. Let’s explore what you can expect and how to prepare for what’s ahead.
That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans to move, here’s what you need to know.
The Effects of Higher Mortgage Rates
Mortgage rates are climbing, and you might wonder what this means for your home-buying or selling plans in Metro Detroit. In simple terms, higher rates mean your monthly payments could go up if you’re looking to buy. It’s a change that affects both sides of the market. For buyers, you’ll need to budget for higher monthly payments. For sellers, you might see a smaller pool of qualified buyers. But there’s a silver lining: being informed helps you make smarter decisions, no matter which side of the deal you’re on. Stay in the know; you’ll be better prepared for what comes next.
Urban Institute explains how this is impacting buyers and sellers right now:
“When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.”
Start Your Path to Homeownership
Gather a strong team, including a trustworthy lender and an experienced real estate agent. They’ll help you navigate the market and understand what it means for your future. Whether switching jobs, moving closer to loved ones, or undergoing other significant life changes, the right team makes achieving your goal even now.
The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say where they’ll go from here. Instead, focus on building a team of trusted professionals to keep you informed. When you’re ready to get the process started, let’s connect.
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