Tip To Sell More Homes When Mortgage Rates Are High
Q: Gerald, I’m a realtor. I’m losing deals now, some already under contract because buyers are pulling out because of higher mortgage rates. Is there anything I can do? Madelyn, Mountainside, NJ
A: Mortgage interest rates have almost tripled in recent history. Higher mortgage rates reduce the price a home buyer can afford to pay for a home. In addition, higher mortgage rates have reduced the number of homes for sale because many trade up buyers who want to sell their home and buy a bigger home are staying put because they don’t want to trade the lower mortgage interest rate they have on their current home for a more expensive home with a much higher mortgage interest rate. One thing you can do to increase the homes you sell is talk with the sellers you represent about offering concessions to buy down interest rates for interested buyers to make homes more affordable for them. Thanks for your question, Madelyn.
For more real estate tips and information visit my blog at geraldlucas.com.