Rising interest rates have been in the news quite often lately. How do rising interest rates affect the value of your Pittsburgh real estate?
Interest rates (more specifically: mortgage interest rates) have a direct effect on real estate values. Because most real estate purchases are financed, buyers evaluate affordability of the purchase based on the monthly payment they will incur. When all else is equal, higher interest rates mean higher monthly payments. Buyers adjust the price they are willing to pay when their monthly payment is raised (or lowered).
Mortgage interest rates are at their highest levels this century. If rates continue to rise, the value of your Pittsburgh real estate will continue to fall. When interest rates are rising it’s a good time to sell before your equity is diminished.
If you would like a fair cash offer for your Pittsburgh home, please contact Charles Beech Properties at 412-339-2929. “As is” sale. Fast closing. Hassle-free.