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!