We recently received an email update from Debbie Benkert, Senior Loan Officer at 1st Mariner Mortgage in Bethesda. As a mortgage expert, she says she's often asked what interest rates are going to do. And just like anyone who does not have a crystal ball, shes says if she knew for sure what rates were doing, she'd "already own an island in the South Pacific" and "be sitting on the beach rather than waiting for another winter storm."
So When Is the Best Time to Sell a Home?
Absolutely! We hear the same question from home owners thinking of selling their home. "Is the market going to get better? When is the best time for me to sell my home?" And just like Debbie, we wish we had the secret! Our job as your real estate agent is to understand the market and the factors influencing it. There are some things–like interest rates–that influence whether people decide to sell or buy a home, and others–like banking standards and local economy and jobs–that also impact what happens in real estate. Many of these are unpredictable, and many of these we can anticipate.
All in all, if you have a dream and a goal, timing and your bottom line are important to consider, but they're only factors. You don't have to wait for the perfect market or the perfect rate to get to where you want to be. It's all about your end goal and if you think it's worth what it will take to get you there.
Many Things Influence Rates–Even the Weather
But I digress! This post is about mortgage rates! Debbie says the best answer she could provide to questions like these is an explanation on what factors impact mortgage rates. Like in real estate, some of those factors are consistent–inflation and employment are two examples. Other factors are variable, like military conflicts and the weather. Yes, she says, even the weather…
Debbie sent us this hand-out that explains the various factors that can impact rates and encouraged us to share this information with our buyers. We hope it will help you to understand the rate market better for when you are faced with the decision to lock an interest rate on a home purchase.
We look forward to a fabulous Spring market! Let's hope the weather warms up with us!
About Josette
