{"id":7475,"date":"2023-11-30T14:57:19","date_gmt":"2023-11-30T19:57:19","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7475"},"modified":"2023-10-24T14:57:58","modified_gmt":"2023-10-24T18:57:58","slug":"should-downsizing-homeowners-cash-in-or-wait","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/should-downsizing-homeowners-cash-in-or-wait\/","title":{"rendered":"Should Downsizing Homeowners Cash In or Wait?"},"content":{"rendered":"
Should Downsizing Homeowners Cash In or Wait?<\/h1>\n
\n
By Kerry Smith<\/div>\n<\/div>\n
\n
Homeowners looking to downsize wonder if they should sell now before higher mortgage rates push home prices lower or hunker down with their 3%-range loan.<\/p>\n<\/div>\n
\n
SEATTLE \u2013 Baby boomers planning to downsize in retirement face a dilemma: Should they sell now while home prices are high since rising mortgage rates could push a drop in those prices \u2013 or should they hold onto their current home that\u2019s too large because their current interest rates is somewhere in the 3% range?<\/p>\n
Life goes on regardless of any current real estate market, and the decision covers more issues than just the financial value of a home.<\/p>\n
\u201cA lot of Americans are sitting on piles of money in their homes, and some are opting to cash out even if it means giving up their low mortgage rate; they\u2019re worried there\u2019s a possibility home prices will fall if rates remain elevated,\u201d says Redfin Chief Economist Daryl Fairweather, who expects current mortgage-rate levels to hang around for a while.<\/p>\n
\u201cBut we also expect prices to stay high into next year,\u201d Fairweather adds. \u201cHousing supply is so strained that even a small uptick in listings lures buyers off the sidelines, bolstering sales.\u201d<\/p>\n
According to Redfin\u2019s latest report, pending sales ticked up but closed sales ticked down because about 16.3% of pending sales failed to close after buyers backed out.<\/p>\n
\u201cBuyers are extra cautious right now. They want to make sure they\u2019re getting a good deal given how much mortgage payments have gone up, and when they don\u2019t feel like they\u2019re getting a good deal, they\u2019re backing out,\u201d says Heather Kruayai, a Redfin Premier Agent in Jacksonville.<\/p>\n
\u201cTransactions are also falling apart due to skyrocketing insurance premiums and disagreements between buyers and sellers over necessary repairs. Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close the deal.\u201d<\/p>\n
NEWS & MEDIA JAYK7\/GettyImages Source:\u00a0 https:\/\/www.floridarealtors.org\/news-media\/news-articles\/2023\/10\/should-downsizing-homeowners-cash-or-wait?utm_campaign=10-24-23+Florida+Realtors+News&utm_source=iPost&utm_medium=email Should Downsizing Homeowners Cash In or Wait? By Kerry Smith Homeowners looking to downsize wonder if they should sell now before higher mortgage rates push home prices lower or hunker down with their 3%-range loan. SEATTLE \u2013 Baby boomers planning to downsize in retirement face a dilemma: Should they […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[141],"tags":[],"yoast_head":"\n
Empire Appraisal Group - Highest Reviewed Appraiser in Broward<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n