The Federal Reserve raised interest rates this week, which will increase the cost of getting a mortgage, a personal loan or carrying credit card debt. This is the biggest interest rate increase since 1994, which makes it a once-in-a-generation financial experience for many first-time homebuyers or sellers. Not for us though. In 1994, Julia and I had already been in the real estate business for nearly ten years. Getting old does give one the advantage of experience.
At this point, it’s normal to be worried about where the economy is heading and how that will affect your plans around buying or selling a home in the coming year or two. As you contemplate a fragile moment, make sure you pick a strong agent to support you. From foreclosures and auctions to multiple offers and bidding wars, in good times and bad, Julia and I have seen and lived through almost any kind of real estate transaction you can imagine.
Experience counts because we have perspective on market ups and downs and, therefore, a frame of reference for how quickly or slowly a seller or buyer needs to move when times feel turbulent. Even in the bad times, when selling a home is involuntary, or a buyer must reevaluate what their budget can get them, we have helped people outline realistic goals and achieve them.
We also have perspective on recession-proof assets: family, community, and safety. We love where we live and work hard to ensure our clients do too. Major life transitions will have to happen no matter the state of the economy and we are proud to say that no matter the reasons for their real estate journey, our clients always land on their feet.
Give us a call or email to get in touch. No matter where you are in your timeline to sell or buy a home, we would love to help you define your vision and make it a reality.
Looking to buy or sell in Southern Maine and beyond? Contact Tom and Julia Ranello at 207-838-1651 or ranellogroup@gmail.com.
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