Tanya Rankin and Williams Lake Real Estate Talk About Interest Rates Being On The Rise And How That Will Impact Sales
Tanya Rankin: Hi it’s Tanya Rankin in Williams Lake. I want to talk a little bit about the rate increases that we're seeing happening right now and how its gonna affect properties and peoples way of purchasing over the short term. Of course I’d love to be able to talk about the long term but I don’t have a crystal ball and it will be dependent on what happens with those rates as we move closer to 2014 and the continued trend that we see but for right now I think what we're gonna notice is anybody that’s got a nice rate hold so when they went and get pre-approved they got a great rate and they were holding that rate for period of three months those people were gonna be anxious to get into a home before their rate expires. Once that expires then they have to renew the high rate. In a pre-approval if you have a rate hold for a period of three months and the rates go down they always give you the better of the lowest of that rate during that period of time. But if they go up during that time period as soon as it expires they basically collapse that pre-approval and you have to get your new rate so anyone with a great rate get out find a home get into it and take advantage of that right that you get held when the rates were lower but the other thing if rates continue to go up a little bit we may notice a slight change in pricing based on the fact that people can’t afford to spend quite as much with the new rate as they could with the lower rate which ultimately that can affect values as well. Of any doubt it will be interesting to see what happens. If you have any questions send me an email anytime to firstname.lastname@example.org and I hope you have a fantastic week!