Mortgage Rate Update: How They Affect You As A Seller

Hi everyone, Michael Cosburn here, a licensed real estate agent and Corporate Trainer for HomeLife Benchmark Realty out of the Brookswood office here in Langley!

If you're thinking about selling your home, whether it’s here in Brookwood or anywhere else, you need to pay close attention to mortgage rates and how these impact the Buyer’s ability to afford to make a purchase.

Mortgage Rates

Mortgage rates are the interest rates that borrowers pay to lenders when they take out a loan to buy a home. They play a critical role in the housing market because they affect housing affordability and buyer demand.

The Impact of Mortgage Rates on Home Sales

The impact of mortgage rates on home sales can be significant!

When mortgage rates are low, it's easier for buyers to afford a home, which can increase demand and drive up prices…

On the other hand, when mortgage rates are high, buyers may be priced out of the market, which can reduce demand and lead to lower prices.

Mortgage Rates in Canada

In Canada, mortgage rates are currently high, which is not great news for home sellers!

However, it's important to know that the rates have remained stable for the last few months and should remain steady or come down in the next six months but rates can change quickly, and small changes can have a big impact on the real estate market.

Mortgage rates can fluctuate depending on various factors, including the state of the economy, inflation rates, and supply and demand.

If you have any questions about how much your home is currently worth or if you’re looking to relocate or purchase your first home, I’m just a phone call or text message away! 

You can reach me anytime via phone or email at 778-245-8424, or sold@brookswoodhomes.info. 

Stay up to date with news about Real Estate in your area by messaging me to add you to my monthly newsletter. You can also visit my website as well at BrookswoodHomes.info.