Today's topic is interest rates. They have been very low for quite a while and there are definitely no guarantees they will remain. I try and keep things simple when discussing economics. What stays down must go where? Back up at some point.
Does anyone really know what rates are going to be?
I am not advertising that I have a crystal ball or insider information from Janet Yellen’s desk. She did say rate hikes will be considered "on a meeting-by-meeting basis.” The speculation trying to properly interpret those remarks suggests rates could move north as early as June. They cannot stay low forever and it really sounds like they will be rising by the end of the year.
What does it mean for you?
What does this mean if I am getting ready to buy and sell a home? It means that monthly payments could be moving up as well. So if you are thinking about buying later on this year now is the time to start to do your research and decide if you want to move now while rates remain at historical lows. No one honestly knows what the future holds.
What Should I do?
If you or your family would like to talk with someone who has the pulse of the current real estate contract go ahead and contact me. I have two listings in the desirable 20148 zip code coming on the market very soon (single family and townhouse) and I have 3 other buyers under contract cruising towards settlement. Let me put my knowledge to work for you. You need to work with a local expert to help you achieve you real estate goals.