Spring is already a hot time in the North Texas real estate market, but this spring it might be even more interesting as mortgage rates are on the rise.
Mortgage Rates Highest in 5 Years
With higher federal spending in order to cover tax cuts and a huge sell off in the bond market, interest rates are at their highest point in 5 years. Analysts have been predicting that the historic low interest rates we’ve been seeing the last few years – and grown accustomed to as the “new normal” – would give way to higher rates as the prospect of higher inflation looms.
What Does this Mean to the Dallas-Fort Worth Market?
The Stacey Sauer Team – a top realtor in Flower Mound, Texas – keeps close tabs on the Dallas-Fort Worth market, and here’s what this news means to you:
- Buying a Home: If you are looking to buy a home this spring, the sooner you jump in and lock down a rate on a home you love, the better! Interest rates are expected to continue to rise moderately over the next few months, and even a modest rise in interest rates can affect your monthly payment and how much house you can afford. This can also be good news, as the higher interest rates are expected to temper the rise in home prices we are seeing in Dallas-Fort Worth. However, with so many in the market for a new home in North Texas – and the limited supply out there – it might not make much difference.
- Selling a Home: If you are interested in selling your home this Spring, the higher rates might price some buyers out of your home, but with limited supply, there are still plenty of buyers looking to purchase a home in the Dallas-Fort Worth area. If you refinanced your home in the last few years, be prepared to buy another home with a higher rate than what you might currently have on your existing home after you sell.
Either way, if 2018 is the year you plan to buy or sell a Flower Mound home, call The Stacey Sauer Team today and let’s talk about your options! We proudly serve Flower Mound, Argyle, Highland Village, Lantana, Lewisville, Grapevine, Corinth, and the surrounding Dallas-Fort Worth area.