Welcome to Lisa’s Real Estate Corner! My name is Lisa Antrum and I am an expert Real Estate Agent with The Miale Team at Keller Williams. I have 30+ years of experience in the real estate world. I have worked on the mortgage side of the business for over 25 years before switching to this side of the business. This gives me a unique perspective into the world of real estate.
I am sure you have heard in the media that the sky is basically falling due to rising interest rates and rising home prices. I would like to break that down now. When I first started doing mortgages back in the 90’s (yes, I am dating myself lol), 7-8% was considered a great rate. When rates started declining to historically low rates, the market celebrated. This was due in part to the “housing bubble” that burst and crashed in 2008. This had a ripple effect and caused housing prices to appreciate extremely slowly, if at all. Lowering interest rates encourages consumers to spend money, this in turn helps stimulate the economy. The housing market was due for a correction after 2008.
The pandemic caused folks to rethink their lifestyles, since we were all forced indoors. There has always been a quiet migration of New Yorkers to CT due to the lower cost of living here in the Constitution State. Another bonus is that CT isn’t as crowded as the Big Apple. During the pandemic, this was extremely desirable. This bolstered the demand for homes, which eventually led to a seller’s market. The simple law of supply and demand is in full effect. There are more buyers looking for homes than there is inventory available. The economy has bounced back, and inflation has it. Now the Federal Government had to decide to try to slow down the economy, so they had no choice but to raise rates.
This is still a great time to become a homeowner. Real Estate is still the greatest way to build wealth. There are many programs out there and lots of ways you can get a good interest rate. There are many tools, such as nerd wallet, that can help you evaluate the difference between what you pay in rent vs what that would look like in a mortgage when you own your home. Thinking of selling your home? There is still no better time to sell your home for top dollar than right now. Contact me anytime with questions!