I’m asking as a seller. What is more likely: a higher or lower result?
In: 4
Prices tend to be flatter when the cost of borrowing (i.e., mortgage rates) go up.
Prices don’t tend to drop. The US 2008 housing bubble did cause price drops, but that was due to a huge number of bad loans, and not the direct result of mortgage rates. High supply, low demand drove prices down. That hardly ever happens on a large scale (see the second chart at https://dqydj.com/historical-home-prices/)
Right now in the US, it seems we’re still in a low supply, high demand period, which pushes prices up, and the rising mortgage rates are intended to counteract that. That’s apparently having an effect because we’ve had three months of lowered sales.
What do those trends mean for the house you’re selling? Nothing. The local economy, supply, and demand are more important than national trends. What are you local housing prices doing? Are homes staying on the market for long or being bought up ASAP?
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