1% Rate increase = 10% Decrease in buying power

The above infographic helps illustrate the shift buyers and sellers are feeling in the current real estate market.  Increasing interest rates have led to fewer qualified buyers.  Each 1% interest rate increase impacts a buyer’s buying power by 10%. Buyers simply cannot afford what they once could.  As we navigate this shift we see an increase in housing inventory; fluctuating prices and a return of adjustable-rate mortgages and loan discount points.  Though the market is changing, the Joyer Home Team is steady.  We have sold homes when the interest rates were over 17%; let us help navigate you through the market.  If you are thinking about making a move now may be better than later to get where you want to be!