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Today I'd like to talk about what we can expect from our market in 2016, and I think we should begin by talking about interest rates. They've already risen by .25%, and are expected to keep climbing slowly. However, this doesn't mean that your affordability is going to disappear overnight. Expect competitive rates to sit at 4.25% or 4.5%.
When interest rates go up, buying power goes down, and that has an indirect result on our market. When buying power falls, the pool of buyers for a seller also shrinks, so any decreases in affordability hurt almost everyone. This will also indirectly affect home values and bring them down slightly.
This means that if you're looking to buy or sell in 2016, it's best to do it sooner than later. If you need help getting the process jump started, please don't hesitate to contact me!
