‘Marry Mortgages and Dating Rates:’ Real Estate Brokers Focus on Local Housing Market

FORT WAYNE, Indiana (WANE) – Fort Wayne real estate brokers have released an update on where the housing market is in Allen County and surrounding areas. This comes after Thursday’s announcement that average long-term mortgage rates for US buyers were above 7%.

Keller Williams real estate broker Tiffiny Holmes has been in the real estate industry for 15 years. She says higher mortgage rates mean purchasing power will be further affected.

“The median price range in Allen County is about $180,000 to $220,000. So if you have a pre-approved buyer at $225,000 and their interest rate goes up a percentage point, it basically reduces the amount of loan they can get. said Holmes.

Ryan Schilitz, chief loan officer at Three Rivers Federal Credit Union, said buyers may have to think of different ways to make up for the decline.

“If interest rates go up and they have a home they want, they may have to pay a little more to make that payment more affordable,” said Siritz.

Schilitz also said it’s more common than ever for sellers to participate by helping with closing costs or paying interest.

The problem with declining purchasing power, Holmes said, is that the housing market is still strong and it’s competitive to find a home for $170,000 (a sum that could be the purchasing power of the average buyer). Because there is a limit to what you can buy. Available. She says this leads to the problem that more housing is needed on the market.

“We need more. Downsizing, moving to assisted living, moving into condos,” Holmes said.

Holmes says it’s still time to buy, even if interest rates rise. To tackle her market, she proposes marrying a mortgage and dating her interest rate.

“Marry you’re going to swear you’re going to buy a house. Now is still the perfect time to buy,” Holmes said. If interest rates go down, interest rates go up, so just refinance. ”

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