What Is The Ideal Mortgage Rate Home Sellers Need For Home Sales To Pick Up?
During several recent sales consultations where I speak with potential home sellers, the sellers have expressed a desire to wait for mortgage rates to fall before putting their home on the market. The idea is that lower interest rates would increase the value of their homes. Some have been waiting for a while as mortgage rates have held relatively steady. The mortgage rates have hovered around 7%, which has made housing less affordable and seems to have slowed real estate sales. Many times the question from potential home sellers is what is the ideal mortgage rate that would spur more home buyers seeking to purchase homes. The idea being that if mortgage rates fell, it should mean owning a home would become more affordable. Perhaps we have an answer. A recent article, " Here's Where The Mortgage Rate That Will Push Americans To Buy " cites a National Association of Realtors (NAR) report that states the "projected homebuying sweet spot of 6...