It seems the winter of 2016 is a hot one in the Seattle area. Maybe not in terms of weather (as we anticipate our first real snow of the season today), but it has been a busy time in real estate! As interest rates have risen, so has the urgency for many buyers to lock in a great interest rate before rates rise again.
The Seattle Times recently wrote about it here, noting: “Realtors say they typically see a surge in home sales when interest rates spike, but the recent rise happened so swiftly it caught many buyers off guard and created a sense of urgency.”
True story! One of my clients just last week locked in her loan right before rates rose even more. With area prices so high, the difference of just .25% can make thousands of dollars of difference in buying power.
Someday, I do hope this crazy market will change, inventory will improve, and all will be well with the world. Though I’m sure when all the other conditions change, interest rates won’t be so sweet as they are still.
In the meantime, if you are in the market for a home, make sure you are crystal-clear with your lender on what you can afford, and pay close attention to interest rates. The dollars you save may be your own.