Posts Tagged ‘john l scott’

Beware of rising interest rates.

rising interest rates new imageA lot of potential buyers are reluctant to buy now because, although prices appear to have bottomed out, predictions call for prices to remain relatively flat — possibly for several years.  The flaw in this thinking is that when inflation begins to push interest rates upward, as most experts are predicting, buyers will be able to qualify for less and less.  For example, a person able to qualify today to buy a home with a $600,000 mortgage at 5.5%, will be able to qualify for only a $480,000 mortgage when interest rates climb to 7.5%.  That amounts to a 10% decrease in buying power for every 1% increase in interest rates!
 
If you know someone sitting on the fence, unable to make a decision whether or not to buy, send them our way.  We can help them get a great deal before it’s too late.

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