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WAITING FOR LOWER RATES? HERE'S WHAT YOU MAY BE MISSING!
Waiting for mortgage rates to come down may sound like the safer move—but a lower rate doesn’t necessarily make the entire move easier. The 10-year Treasury yield has reached about 4.81%, its highest level in nearly three years. But the interest rate is only one part of the decision.
If you’re selling one home and buying another, what really matters is the difference between the two markets. In Knox County, homes between $400,000 and $500,000 currently have about two to three months of inventory. Between $600,000 and $650,000, inventory is nearly six months. Those higher-priced homes are also receiving about 25% fewer showings per listing, and it’s taking roughly 75% more showings to produce a pending sale.
That means you could be selling in a relatively active market and buying where you have more choices, more negotiating power and a better opportunity to ask for concessions. Waiting for lower rates could bring more buyers back, increase competition and make a home-sale-contingent offer much harder to get accepted.
If you’re considering a move within the next year or two, let’s look at both sides of it—the market you’d be selling in and the market you’d be buying in—before deciding whether waiting will actually help.
Learn more or contact me at: https://russellgrouprealtors.com #KnoxvilleRealEstate #EastTennesseeRealEstate #MortgageRates #HousingMarket #HomeSelling
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