Whiteboard Topics: 4 Things Lake Homeowners Must Consider About Mortgage Rate Increases
by KAMARI HOUSE on FEBRUARY 9, 2022
Increasing mortgage rates are inevitable, and as a lake homeowner, you need to know what that means for the value of your property. Lake Homes Realty’s CEO, Glenn Phillips, shares four things to consider as interest rates rise.
Less DIRECTLY Important: The fluctuation in mortgage rates will influence the demand for your home. Selling before the rise in mortgage rates will ensure a larger pool of interested buyers.
Slow Price Appreciation: With inventory being so high and demand being so low, prices have skyrocketed in recent times. The increase in mortgage rates will contribute to slowing this down.
Influences Buyer Mindset: As interest rates go up, buyer demand goes down. Inflation can cause buyers to be more conscious of their spending habits.
Think About Timing: If you want to maximize the return on your investment, you have to time the sale of your home to the market’s peak.
Owning a lake home is an investment, and as a homeowner, you want to maximize this investment when you’re ready to sell. Be sure to research the current state of the market before you decide to list your home!