A lot of people have been asking us lately about the aftermath of the election and how it will affect the real estate market. What we have seen already is that rates will continue to be volatile for the next few weeks, which typically happens after every election.
Don’t panic about where rates seem to be going right now. They will move around a little bit in the next few weeks, but don’t expect any large spikes. Most experts are predicting that rates will start to trend up next year, which will put some pressure on pricing.
What will end up happening is that people won’t be able to buy as much house as they can now because of the high price. Homes are much more affordable now with lower interest rates. You want to buy now before rates go up because if rates rise even 1%, it will increase your monthly mortgage payment by an extra $75 to $125.
If you have any specific questions for us, don’t hesitate to reach out and give us a call or send us an email. We would love to hear from you soon and would be happy to explain things in further detail.