Stacey Budell, the Idaho real estate broker behind Idaho4Homes.com, says rising interest rates and low home inventory are bringing more buyers to the table.
Online PR News – 07-March-2014 – CALDWELL, Idaho – CALDWELL, Idaho - Stacey Budell, a real estate broker with Dickerson Land Group, says that rising mortgage interest rates and the continued shortage of existing home inventory is bringing some new buyers to the table.
Budell says smart home shoppers see the rising interest rates and realize that a key component of affordability, beyond just the price, is the interest rate for the loan. That leads to one conclusion, she says: to buy now.
"There is an increasing realization on the part of homebuyers that the Idaho real estate market is warming up along with the interest rates. A rising interest rate environment means buyers should consider acting sooner rather than later on purchasing their home, whether that's a subdivision home or rural White Bird property," she says.
According to Budell, interest rates are currently near a full percentage point lower than one year ago.
"Interest rates in March 2013 were about 3.5% before dipping even lower to about 3.33% in April 2013. Now they are up around 4.33% and could move considerably higher if the Federal Reserve's quantitative easing continues to be scaled back as they are predicting," Budell says.
"A full percentage point mortgage rate increase lowers purchasing power by a full 10.75%. That means for every $100,000 in purchase price, a one percent rise in interest rates reduces the amount of home that the buyer can afford by $10,750," Budell says.
Worse, she says that for a budget of $600,000, affordability is slashed by a whopping $64,500.
Budell says that low home inventories make time even more valuable for buyers, because the best properties can be picked off pretty quickly by savvy buyers.
"Buyers should really pay attention to the market right now and if they find the right property, make an offer quickly. It may not be available a week or two from now," she says.
She also says that sellers looking for an Idaho listing agent should also consider selling their home sooner rather than later to take advantage of limited supply.
"I list properties all over the state of Idaho, and work hard to get my listings in front of the right buyers," Budell says.
Stacey Budell is the Idaho real estate broker behind Idaho4Homes.com, a website designed to allow Idaho homebuyers to search for properties of any type in any part of the state. Budell's Idaho real estate experience includes many different categories, including not only homes in town, such as Boise, Nampa, Caldwell, Star, Middleton, Kuna, Meridian, Parma, and more, but also commercial property, recreational Idaho hunting land, live water ranches, and rural homes on acreage.
Budell lives in the Treasure Valley, but lists properties all over the state. As a licensed commercial pilot, hunter, and outdoorswoman, she knows the state and can show properties in remote locations. With the large clientele of the Treasure Valley and her unique accessibility to remote areas, Budell's real estate listing services are ideally suited to in-town and rural property owners all over the state.
For more information, contact:
Stacey Budell, REALTOR®
Dickerson Land Group