Kinda looks like a smile, don't it? If you've been paying any attention at all, you know that interest rates are rising. This is so not news. We had 10 years where the Fed rate was effectively 0% . It was only a matter of time. But just because you see a wave coming doesn’t mean you’re going to stay dry. Realtors and lenders are pretty much taking the position that after years of artificially low rates, we’re finally going to return to “normal,” which is probably true. But normal isn’t normal if you’re not used to it. A frown. That's definitely a frown. Fun with math: For every 1% increase in interest rates, the affordability of a house goes down by 12%. What that means is if you can afford a downpayment of $40,000 and can make monthly mortgage payments of $1750.00, when rates were 3.5%, you could buy a house that’s $430,000. When rates went up to 4.5%, the most expensive house you could afford is $385,000. That’s a $45,000 difference. ...
Navigating home buying and selling when you have a kid who's ASD / SPD