How Are Rising Interest Rates Affecting the Myrtle Beach Market?

How are rising interest rates affecting the Myrtle Beach market? They’re actually helping, and I’ll explain how.

As you may well know, interest rates are on the rise. What does that mean for the Myrtle Beach market?

Believe or not, interest rate increases are helping the market. Rates are still around 4.5% for a 30-year fixed mortgage and buyers are finally getting off the fence. Nationally and locally, the market is very healthy. Demand is high which is helping sellers, and buyers are still entering a very affordable marketplace.

Even though the Fed just raised interest rates again, they are still historically low. As early as 2013, rates were hovering around 4.7%, and today we are at 4.5%.

If you’re selling a home and upgrading to a bigger home, you need to act soon. Rising interest rates will hurt you more if you’re looking to buy in the $400,000 to $500,000 range.

Lastly, I want to point out two lenders that I work closely with who can answer all of your mortgage questions: Ryan Hanson with Finance of America Mortgage and Mark Barrett with Tidewater Mortgage. You can call Ryan at (843-628-0909) or email him at rhanson@financeofamerica.com. You can call Mark at (843-256-6511) or email him at mbarrett@twmortgage.com.

If you have any further questions about interest rates, or if you have any other real estate questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you!

Selling your Myrtle Beach home? Check out our free home value report: http://www.gregsisson.com/snapshot/

Buying a Myrtle Beach home? Search all homes for sale: http://gregsisson.com/listing/

Greg Sisson, Realtor
RE/MAX First Choice
Serving the Grand Strand