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September Pending Home Sales Fall 10%

jackson2jill

Higher mortgage rates are likely to blame for the dramatic decrease in home sales in September. Average interest rates for a 30-year fixed-rate mortgage jumped from 3% to 7% quickly this year, pricing many buyers out of the market for the price point of homes they were first looking at.

It has been predicted by many economists that this rate will continue to increase for a period of time.


What does this mean for home sellers?

Did you see your neighbor sell his home that is the same style and size as yours in May this year for an obnoxious amount of money? He sold when interest rates were so low that monthly payments were agreeable to buyers. Now when you go to sell, you'll see that likely your home will not pull in that top dollar due to cost of monthly payments due to interest rates.

Consider offering an interest rate buy down for your buyer and work with a licensed realtor to accurately price your home for sale in this changing market.



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