{"id":13104,"date":"2018-03-13T13:48:02","date_gmt":"2018-03-13T13:48:02","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=13104"},"modified":"2018-03-13T13:48:03","modified_gmt":"2018-03-13T13:48:03","slug":"why-buyers-may-lose-if-they-dont-act-now","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/why-buyers-may-lose-if-they-dont-act-now\/","title":{"rendered":"Why Buyers May Lose If They Don\u2019t Act Now"},"content":{"rendered":"

Why Buyers May Lose If They Don\u2019t Act Now<\/h1>\n
\"Why<\/a>

Why Buyers May Lose If They Don\u2019t Act Now<\/p><\/div>\n

Rising mortgage rates could have a big impact on the direction your buyers choose when shopping for real estate, economists warn. \u201cEvery time the interest rates go up, you eliminate a group of people who can no longer afford to buy a house,\u201d Don\u00a0Frommeyer, a mortgage broker at Marine Bank in Indianapolis, told realtor.com\u00ae. \u201cSome people may have to rent for a period of time until they make more money\u2014or buy a smaller house.\u201d<\/p>\n

To avoid further complications in their plans, your buyers may want to speed up their home search this spring, as interest rates are forecasted to move higher in the coming months. Forty-four percent of home buyers say rate increases likely will force them to settle for a smaller, less expensive home that requires a longer commute to their jobs, according to a realtor.com\u00ae survey. First-time buyers may be most affected by rising costs<\/a>, as increasing home prices and interest rates price some out of the market.<\/p>\n

Mortgage rates are at their highest levels in more than four years. The 30-year fixed-rate mortgage averaged 4.46 percent last week, according to Freddie Mac, and that\u2019s largely expected to increase since the Federal Reserve said it is likely to raise its short-term interest rates this year<\/a>. That could prompt mortgage rates to move higher at least three times this year, starting this month.<\/p>\n

\u201cFor the bulk of buyers, it\u2019s not going to kill their decision to purchase a home,\u201d Rick Palacios Jr., director of research at John Burns Real Estate Consulting, told realtor.com\u00ae. \u201cIf anything, it will get them off the fence by creating a sense of urgency.\u201d Higher rates are \u201ca kick in the pants for you to start thinking seriously [about buying].\u201d<\/p>\n

Rate increases\u2014even minor ones\u2014can add up over time. Realtor.com\u00ae offers this example: On a $300,000 house with a 30-year fixed-rate mortgage and 20 percent down payment, the difference between a 4 percent and 5 percent mortgage rate is $142 a month. Calculated over the life of the loan, that is more than an extra $51,000. \u201cBuyers thought they could wait forever because rates were going to stay low forever,\u201d says Palacios. \u201cThey\u2019re starting to realize that if they\u2019re going to buy, they should probably buy now.\u201d<\/p>\n

Home buyers who are concerned about rising rates may want to lock in with a lender, which guarantees the current rate for a set period of time. Still, don\u2019t let your clients linger on making a decision. It typically costs several hundred dollars to lock in a rate.<\/p>\n

Source: \u201cIs It Last Call for Low Mortgage Rate? Why Home Buyers Should Act Now<\/a>,\u201d realtor.com\u00ae (March 7, 2018)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Why Buyers May Lose If They Don\u2019t Act Now Rising mortgage rates could have a big impact on the direction your buyers choose when shopping for real estate, economists warn. \u201cEvery time the interest rates go up, you eliminate a group of people who can no longer afford to buy a house,\u201d Don\u00a0Frommeyer, a mortgage … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-13104","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nWhy Buyers May Lose If They Don\u2019t Act Now - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/why-buyers-may-lose-if-they-dont-act-now\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Why Buyers May Lose If They Don\u2019t Act Now\",\"datePublished\":\"2018-03-13T13:48:02+00:00\",\"dateModified\":\"2018-03-13T13:48:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/\"},\"wordCount\":480,\"publisher\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/03\\\/03132018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/why-buyers-may-lose-if-they-dont-act-now\\\/\",\"name\":\"Why Buyers May Lose If They Don\u2019t Act Now - 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