Blog by Patricia Houlihan - Personal Real Estate Corporation

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Interest rates go up and the market becomes insane

 

Well it may not last, but last week it seems the market went crazy suddenly-the phone was ringing off the hook!  Even on a listing which has sat on the market for 3 months, we had not only calls but 2 people wanting to write offers.  This will likely continue for a couple of months as people with 3 month rate holds, allowing them to take advantage of the older low rate, before their rate hold will roll over into the higher rate.  Any buyers who have the rate holds have also hit what is usually a good buying time in the market.  The summer generally leads to less buyers fighting for properties as many people go on vacation…..if that happens this year then there may be some slight deals for those trying to get in now.

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