It’s happening. I’ve been predicting a rise in interest rates, and we’ve gone from 2.55% in early August to 3.14% at the end of October. This should be a sign to potential buyers that now is the time to get into the market. For each 1% in interest rate increases, a buyer loses 10% of their purchasing power. My forecast is for rates to continue to climb throughout 2022, likely higher than 4%.
Buy now. That’s what I would do.
Allen Brake is the founder and CEO of The Allen Brake Team, the No. 1 team in the No. 1 real estate office in the St. Louis region. He has been in the real estate industry for nearly two decades and is regularly recognized as one of the regions top-performing Realtors.
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Address: '123 Main St, Anytown' Neighborhood: 'Downtown' Zip: '98115' City: 'Anytown' or 'Anytown, State/Province' MLS number: 'MLS# 38065544'
