Food for Thought on Interest Rates

Looking back over the last 6 months, I have mentioned several times that I believe interest rates will be heading up soon and that buyers need to put every effort possible into buying a home. "Preaching to the Choir" would be a fair assessment of responses received from home buyers in a market that regularly produced multiple offers on homes listed, and many cases where offer price exceeded asking price. So why do I devote yet more space to this "old" story?

  I want to address the other side of that broken record.

Namely, those of you who already own your home and feel content that you have secured a living environment that will be "adequate" for the next several years. For those who think they may have one more move in their future, serious consideration to moving needs to be front and center for you right now. History has shown us that interest rates regularly cycle from high to low and back again. The last time rates were this low? The 1960s...yes, over 50 years ago. If rates do start heading up, (which is actually quite possible in December) it is not likely that most of us will be able to wait 50 years before moving again.

Just some food for thought as the year winds to a close.  Do your thinking now.   Another spring Real Estate season will be here before you know it!