QUINCY (WGEM) – New figures from the Quincy Association of Realtors show a more than 10% drop in the number of homes sold in the first quarter of 2022, compared to a year ago.
Quincy Realtor Sherry Hills said rising mortgage rates were starting to impact the housing market and making it difficult to buy homes.
She fears that in 6 months, rates will make even more homes unaffordable for some buyers.
“If you’re going to buy a house, do it now. Lock in your interest rate, you know that. And house prices are going up. I mean, if you look at our numbers from even 2 months ago, the average sale price has gone up significantly,” Hills said.
Mercantile Bank vice president of mortgages Billie Grawe said the rate increases have made it difficult for people to get homes they could have afforded just months ago.
But, she says, there are things people can do to improve their situation.
“Any derogatory credit that pays them back, pays them back,” Grawe said. “If any of their credit cards are maxed out, we want to make sure they reduce those balances as well. This is more of a tip, so if they don’t qualify today, they can come back to us. in the next 6 to 12 months and get a mortgage.
For those who can get a mortgage – Hills said they’re locking in rates now … and ready to buy before the next rate hike.
“Be ready to sell. Because probably if the price is right, if the marketing is right, if it’s in good condition, the house will sell in the first 24 to 28 hours,” Hills said.
Currently, a 30-year fixed mortgage is around 6.5%, but just a few months ago it was in the low 3s.
Some things you can do to get ready to buy a home are make a strong offer, have good credit, get pre-approved, have an escalation case, and work with a real estate agent.
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