Mortgage rates are climbing and affecting both sellers and buyers. Just when you finish celebrating the acceptance of an above asking price contract to sell your home, the buyers agent calls and says that they now have to reduce the offer price by 15% due to the recent jump in interest rates. This unfortuante new possiblity is becoming more and more a reality in the hottest summer market in three years. In the Austin area, homes that are appropriately priced are often recieving multiple offers imeadiatley after being placed on the market.
Now with the recent intrest rate hikes, buyers are scrambling to find a home to purchase before the affordability factor places them outside of the market once again. read more here
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