Rising interest rates causing higher mortgage rates, still time of opportunity for buyers
CAPE GIRARDEAU, Mo. (KBSI) – The Federal Reserve hiked interest rates by 75 basis points for the fourth straight week last Wednesday.
Mortgage rates have been increasing since the beginning of the year, but Jared Ritter of Ritter Real Estate said this is a time of opportunity for those who may have lost out on a house.
“If you want to say the rates have slowed things down, it’s also given people an opportunity who have maybe lost out on a house once, twice, three times, given them the opportunity to finally purchase something,” he said.
Despite interest rate increases, Ritter said the brokerage had its best October in its history.
“We’re still listing property left and right,” he said. “We still have people excited about real estate as they should be, and until those days on market increase where we see some actual inventory hang on, then I think you could start to see some things slow down even more.”
And because of the ebbs and flows in the real estate market, Ritter advised people who find a house to their liking to pull the trigger.
“The market is always going to ebb and flow,” he said. “If you are a buyer, especially that has lost out two, three, four times from multiple-offer situations, and you finally find the house that you want, you still need to pull that trigger because the rates won’t stay where they’re at forever, but I would encourage people, even if they are first-timers, if it’s the house they want and they can still get approved for that price range that they’re seeking, absolutely positively you have to go for it.”