San Diego: Interest Rates went Up What does it mean to you as a Home Seller?

San Diego: Interest Rates went Up What does it mean to you as a Home Seller?

What Is an Interest Rate Increase?

An interest rate increase is an increase in the percentage you pay on your loan or mortgage. For example, if you take out a loan with an interest rate of 5%, that means you will be paying 5% of the total loan amount over time to cover the cost of borrowing money. When interest rates increase, it results in higher payments because more money is required to cover the cost of borrowing money. This can make it more difficult for buyers to purchase homes because they may not be able to afford as much as they could when interest rates were lower.

How Does It Affect Home Sellers?

For home sellers, an interest rate increase can cause a decrease in demand due to fewer buyers being able to afford homes. This means that there may be fewer people interested in buying your home which could result in less competition and therefore lower selling prices. That being said, some sellers may find that having fewer potential buyers makes it easier to negotiate higher prices since there is less competition for their property.

How Can You Prepare?

If you are planning on selling your home soon, it’s important to take into account the effect that higher costs may have on potential buyers. One way to prepare for this is by ensuring that your house is priced competitively so that buyers will still be interested despite the increased costs associated with purchasing a home at this time. Additionally, make sure to do research on comparable properties in your area and be flexible with negotiations as buyer’s budgets become tighter due to higher interest rates and prices.

The recent rise in interest rates could have a major impact on how much San Diegan home sellers get from their sale but there are ways to prepare and stay ahead of the game so that you can still get top dollar for your property! Research comparable properties in your area and make sure to price your house competitively while also being flexible with negotiations during these times of rising costs. With a bit of luck, savvy negotiating skills and proper preparation, you should still be able to get top dollar for your property even with rising costs!

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Having sold properties for more than 17 years and earning various prestigious awards throughout the course of her career, Melina Rissone has more than earned her reputation as one of San Diego's most skilled and trustworthy real estate brokers. Her following of loyal clients is a testament to the level of dedication she puts forth in every transaction she oversees.

Hardworking, attentive to detail, and a strong negotiator when it comes to the financial aspect of buying or selling a home, Melina gives clients a competitive edge when it comes to accomplishing their goals in the best and most lucrative manner.

Passionate about real estate and its possibilities, Melina supports all things "real estate" and, in addition, specializes and is certified in the following:
* Coldwell Banker Global Luxury and Institute of Luxury Home Marketing certified.

*Cartus Network Inventory Specialist and Cartus Network Marketing Specialist since 2015. This means more accurate pricing, shorter marketing times, and higher adjusted sale rates when working with us.

*RCS-D Designation, a Real Estate Collaboration Specialist for Divorce.

*SRES Certification through NAR is a Seniors Real Estate Specialist certification.

Whether clients aim to purchase the home of their dreams, sell a property, or make an investment for their future, Melina's market expertise, proven foresight, and meticulous planning strategy ensure a successful endeavor each and every time. Melina is bilingual in English and German.
Melina has been recognized as the Top 4% of all real estate brokers in San Diego County in 2021 and the Top 3% of Coldwell Banker International. She has been awarded the Coldwell Banker Presidents Elite Award.