As mortgage rates continue to rise, many home sellers are starting to feel the pinch.
Buyers are finding that they have less money to work with, since a larger chunk of their budget is now going towards housing costs.
This is causing some would-be buyers to back out of deals altogether, and is also resulting in fewer offers being made on homes.
For home sellers, this can be a frustrating situation. After all, you've done everything right - you've prepared your home for sale, hired a great real estate agent, and priced your home competitively.
But now it seems like the buyers are backing out due to something that's completely out of your control - the rise in mortgage rates.
So what can you do if you find yourself in this situation? Here are a few tips:
1. Price your home competitively. Even in a market where buyers are feeling squeezed, there will always be those who are willing to pay a fair price for a home they love.
2. Offer incentives. If you're really worried about buyers being turned off by higher mortgage rates, consider offering some sort of incentive, such as help with closing costs or a home warranty.
3. Be patient. Remember that the market will eventually adjust to the new reality of higher interest rates. In the meantime, don't let yourself get too discouraged - there will always be buyers out there who are willing to pay a fair price for your home.
And with the right real estate professional on your side advising you, you can successfully sell your current home and even buy your next home.
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