On the Fence about selling your home?

     Many home owners that are on the fence about selling their home due to market conditions may want to reconsider.  Now may be just the time to correctly price your home to sell.  The main determining factor to many home owners on whether to buy or sell has to be interest rates.  For those with ARM's that are readjusting now would be the best time to plan an exit strategy.

     The Federal Reserve as reported in Reuters is looking to keep interest rates steady for the next three meetings before looking at a possible rate increase.  Rate increases adversely affect both buyers and sellers.  Sellers especially those faced with adjustable rate mortgages that are going to readjust can face hundreds if not thousands more in monthly payments.  For buyers it makes qualifying for a mortgage more difficult.  Buyers who normally could qualify for a certain value home are now forced to look at cheaper alternatives due to rising interest rates.    Whether or not the home you are looking to sell is in their buying range does greatly dedend on interest rates. 

     With the Federal reserve showing concerns about the US economy, it is completely possible that we are in for a couple interest rate hikes.  How high the rates will go, anyone's guess but the Fed.  For many home buyers there may not be a better time to purchase a home for a couple years and for the sellers there may be no better time than the present to accurately price your home to sell.

     How it will all play out remains to be seen.  If you are interested in discussing the Outer Banks real estate market or your thoughts on how interest rates will affect your market feel free to leave your comments or thoughts. 

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