Did the recent elections impact Cincinnati real estate and interests rates?

According to a survey released by the National Association of Realtors reflects brisk home sales throughout the United States.

Source: Keeping Current Matters

• Homes sold in 60 days or less in 42 of the 50 states and Washington DC
• Homes sold in 30 days or less in 17 states

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Interest rates should begin rising in December after years of artificially low interest.  It shouldn’t come as a surprise to anybody since the “Fed” reports predicted raising rates before the end of the year.  Just how high will rates go- well nobody knows for sure.  Best guess:

Source: Keeping Current Matters/ Freddie Mac

As interest rates inch up 2 things will happen:

1. Some buyers will no longer be able to afford to purchase a home or condo
2. Average listing and sale prices will adjust to fewer buyers and hire cost of mortgages

Bottom line buyers and sellers waiting for the best time to buy and sell need to act now!