I don't know if anyone else has noticed, or if it is just in our market, but interest rates seem to be creeping up everyday. At least the mortgage brokers that send us a daily email their rates have gone up everyday this week. Those buyers that are still sitting on the fence waiting for prices to go down even more, are risking a higher payment due to higher interest rates, in effect wiping out any potential savings they think that they will realize by waiting to see if prices will drop any further.
Darcy was at a training this afternoon and the opinion in our office is that things are moving enough so that on average, prices should stop dropping and the near consensus was that over the next 12 months we should see prices rize 0 to 5%. This is good for sellers, but it is also good for buyers. This will allow buyers who are sitting on the fence the opportunity to get off and remove those splinters before they become infected.
If you're looking to buy or sell real estate in Cedar City, Utah; please give us a call. We would love to earn your business!
