If you are reading this and it is after January 1st, 2024 you may know that interest rates have more than doubled from earlier in 2022. Interest rates were around 2.75% to 3.5%. As of this writing interest rates are now around 7.00%. You may think that the sky is falling when looking at these rates, but just consider that the current rate is not that high from where it has been over the last 40 years. It is slightly below the average rate over the last 40 years. (see interest rate chart below)
How do I know this? I have been in real estate since 1976. I have seen many up-and-down market trends and interest rate fluctuations over the span of more than 40 years. You may have also seen some home prices dropping and in some areas, they are indeed dropping more than in other areas. x
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