In Washtenaw County, realtors are watching the mortgage rates that moved above 6%, and they’re predicting some changes for both the home buying and home selling markets.
With mortgage rates moving up above 6%, buyers may now start re-thinking plans to upgrade to a bigger home and, instead, just add additions to the home they already own at a 3% mortgage.
That’s according to Ann Arbor Area Board of Realtors president, Tracy Rose, who also says the reality of rising costs for buyers will have some impact on home prices from sellers.
“I don’t think you’ll see Ann Arbor homes being bid up and go over the asking price. But you will see them selling at list price."
As mortgage rates rise, she says, homes in Washtenaw County are taking longer to sell, and sellers appear to be offering incentives, like helping buyers buy down their interest rates.
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