- Jul 29, 2014
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You have to realize that some of the whopping 1.2% price decline we've seen over the last 2 months is seasonal.....spring is like opening day in hunting season for buyers and Powell has already signaled the end of rate hikes. Plus like you just experienced the lending market is only going to get more creative with incentives and buydowns. If you noticed rates dropped this week or last week ahead to adjust for what they knew was coming....hell were still closing some 1st refi's and a ton of 2nd's in the 5% zone for 2 of the local credit unions.we might be able to ... may be able to rent it out for a while until the rates come down
houses here in this neighborhood in Denver don't stay on the market for more than three or four weeks.
but... with the latest rate hike(s), don't know for sure.
Think of it this way banks would fold if they're not lending and that ain't going to happen. I truly believe we'll see purchase money mortgages and refi's in the 4% range by April but that's just my opinion. It also doesn't mean the price of your house will instantly skyrocket either but rather make the healthy buying season adjustment.