How Will Interest Rate Hikes Impact the Northern Virginia Marketplace?

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Since the financial crisis ten years ago, this is the first time the Federal Reserve has increased interest rates. It’s been ten years since this happened! 

The first increase from last December was only 0.25%. However, they’ve announced that they intend to continue increasing rates. Increasing interest rates impact a buyer’s ability to borrow money and, of course, their overall affordability. This means that buyers will not be able to buy homes that they can currently afford. The maximum amount of money a buyer can borrow is reduced.

As a result, this impacts sellers. It causes a pause in the housing market, since buyers gradually lose their buying power. We anticipate a market shift coming up soon. 

Now is the time to act! If you’re thinking of buying or selling soon in Northern Virginia, reach out to me today. Let’s plan ahead together. Reach me via phone or email. I look forward to hearing from you!

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