A friend in the mortgage business recently sent me a document intended for prospective buyers. You can see it here- Things To Consider. Flipping through the table of contents one topic jumped out at me- Consider Cost Not Just Price.
While the topic was mainly written for a buyer's consideration I believe that one topic can go a long way towards conveying an impact cost vs price has on a seller as well.
What I mean is while yes it's true- higher interest rates equal higher cost for buyers, it may also mean less money in the pocket of a seller. Generally buyers buy property with payments they are comfortable with. Knowing interest rates effect those payments an increased interest rate tomorrow may lower the value of the property tomorrow as well. Historically long term we know what happens to real estate values.
I don't profess to know what tomorrow holds, let alone what 5 years from now will hold. But if you've been thinking of buying or selling now or in the near future it would serve you well to consider how rising interest rates over the coming 12 months might impact your plans.
If I can be of assistance in creating or implementing your plans please give me a call or drop me a line. I'll be happy to help!