Nothing brings more fear to the hearts of homebuyers, home sellers and Realtors than “Rising Interest Rates.” Economist point to a phenomena call “Hyperbolic Discounting” as the reason why consumers discount future inevitabilities thinking that it won’t affect them. We may be seeing hyperbolic discounting happening now as buyers and sellers discount what many experts see as reality. For those experts “Rising Interest Rates” are not some far off “maybe” but a certain reality. Many point to a “normal” mortgage rate of 8% …nearly twice the current rate. What would it mean to you if mortgage interest rates doubled? There would be a sharp increase in monthly mortgage payments that would make purchasing a home out of reach for many who want to become homeowners and put a big dent in family budgets that most certainly negatively impact monthly spending. Rising Interest Rates are a virtual certainty in the not so distant future. Those who wait too long to sell or buy just might find themselves victims of a shifting real estate market.
Author:April Repucci BRE#01817148_01864461 Phone: 559-441-3906 Dated: December 3rd 2014 Views: 520 About April: Talented, experienced, professional, friendly Real Estate specialist. Loves working with people!...
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