What is the impact of raising interest rates when buying a home?

Buyers ask me daily, "have we hit bottom, as far as the price of homes?" I am not sure the answer to that, however I do know that the interest rate increase affects the buyer just as much as the price of a home. If you are one of those buyers that is waiting to see if we have hit bottom, be careful. You should be concerned about the monthly cost as well as the price. We all want the best value possible whenever you purchase something. However, when buying real estate, the best value is not determined by price alone. Value is determined by price and financing costs. You really need to take both into consideration when purchasing a home. Arbor Custom homes is partnered up with Wells Fargo Home Mortgage, and have an amazing team that keeps updated on all that is happening in lending. If you want to find out how the interest rates affect your decision come into the Arbor Pass sales office, and we can set up an appointment with our lender, Adam and show you options for your future home.