Submitted by Law Office Blogger on Wed, 05/17/2023 - 12:23pm
Many North Carolinians who want to move are trapped in their homes because of the low interest rates they can’t afford to give up. Interest rates can have an impact on the housing market. When interest rates are low, it generally becomes more affordable for individuals to borrow money for purchasing homes. This can stimulate demand in the housing market as more people are inclined to buy properties.
On the other hand, when interest rates are high, borrowing becomes more expensive, which can potentially reduce the number of buyers in the market. This could lead to a decrease in demand, which may influence some homeowners to hold off on selling their houses if they perceive that selling during a period of low demand might result in a lower sale price.
However, it's important to note that the housing market is influenced by multiple factors, and interest rates alone do not determine the decision to sell a house. Other factors such as personal circumstances, economic conditions, job stability, housing supply and demand, and local market conditions can also play a significant role.