Interest rates are on the rise! Today in Vail Valley Real Estate: The closest you’ll ever get to a high-pressure sales pitch from the Rocky Mountain Home Team.
This is an archived edition of our regular news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team.
March 28, 2018
First, some bad news: Mortgage rates are starting to pick back up from historic lows. What’s more, today’s good news – the strong and reasonably stable national and global economy that makes higher interest rates possible – only means that this may be a lasting trend.
The upshot is what may be as close to a high-pressure sales pitch as you’ll ever get from the Rocky Mountain Home Team. It’s even worth going bold:
If you are thinking of buying or selling a home in Eagle County, acting now could save you money.
Interest rates are worth watching. As Realtor.com points out:
Even a fraction of a percentage point rise quickly adds up. On a $300,000 house with a 30-year fixed mortgage and 20% down payment, the difference between 4% and 5% is $142 a month. That’s more than $51,000 during the life of the mortgage.
In most housing markets, the experts’ opinion is that rising interest rates will eventually be met by a corresponding dip in property prices. The theory – which has some historical data to back it up – is that buyers can afford what they can afford, and if they are paying more money in interest they have less left over to pay sellers.
If you’re a seller, that means less money for your property. If you’re a buyer, that means higher monthly payments or settling for a smaller home. After several years in the sweet spot, the days of the win-win market – rising prices for sellers, low interest rates for buyers – may be coming to an end.
Contact the Rocky Mountain Home Team at 970-306-7711 to learn what impact rising interest rates might have on your plans to buy or sell Vail Valley Real Estate.
For more information on Vail Valley Real Estate, visit our Vail Valley Market Report page.
What to do in the Vail Valley
The 2017-18 ski season is coming to an end. Spring Back to Vail begins Saturday, March 31 with a free concert at the Solaris. The festivities are set to continue straight through closing day on Sunday, April 15. Visit Vail.com for more information. Meanwhile, for more family friendly fun, Beaver Creek Love Kids – SpringFest is already underway. More information at Beavercreek.com.
The Rocky Mountain Home Team will host a ski BBQ Saturday, April 7 in Vail. Check your inbox for the evite. Not on our mailing list? Contact us to join!