interest rate changes in the housing market

Mortgage interest rates are now over 7% for a 30-year fixed mortgage. That means fewer home buyers on the market. Increasing rates means placing mortgages and mortgage payments out of reach for the average home buyer.

Yet sellers are less active this year as well, and investors continue to search for homes. Many sellers are worried about the state of the economy and whether they’ll be able to keep their jobs. Nobody wants to buy a house just to foreclose a year later. 

That means housing price values have held here in Houston, despite catastrophic projections promising that home values would drop. 

One reason is that the inventory is still inadequate to meet the demand. This means there’s still plenty of room for someone who wants to sell their home to do so. It just means you’re going to have to wait a lot longer to do so if you want to sell your home in the traditional way. 

What should you do, as a Houston home seller, in light of this information?

Evaluate Your Timeline and Needs

The steps you should take depends on what your needs are.

If you have time, and the means to keep paying the expenses associated with your home, and can afford to repair your home, then there’s nothing wrong with getting a real estate agent. 

You’ll have a long wait ahead of you, but you’ll sell the house for a higher price. In the current market, the wait could be 2 to 5 months. Keep in mind that many buyers are waiting for lower prices, so you might not get as much as you would have gotten in markets with lower interest rates. 

If you need to sell a house faster, then Houston house buyers like us might be your best bet. While you’ll get less money for the house, you’ll sell it a lot faster. You won’t have to put your money into fixing the house, either. You won’t have to worry about bank approval abruptly ending the deal. 

When you run the numbers, you might well find that you come out ahead. Don’t forget to evaluate any reductions in price you might need to make. 

Get Cash for Your Home

If you don’t want to wait months to sell your house, reach out to Gulf State Homebuyers. We’ll give you a fair offer on your home, and buy it for cash!