As interest rates continue to rise, what should you do as a real estate buyer? In this video, Olga Zakinova and Lucy Edwards discuss the options available to you. Whether you’re a first-time buyer or someone with experience in the market, this video will help you understand what’s happening and how to react.

Introduction

Rising Interest Rates – What To Do?

Do you want to sell your home in the current market where interesting rates are going higher? Olga Zakinova, a successful Real Estate associate from Douglas Elliman, and Lucy Edwards, Director at VHD Studios, recently appeared on the Alpha Insider podcast hosted by Michael Levitis, the founder of Alpha PR Pro, to discuss what to do in the present scenario of rising interest rates.

Alpha Insider conducts interviews with experts in their respective fields to educate the public on Business FAQs. Keep reading to learn what should be your next step of action in the current market conditions.

Increasing Interest Rates: Impact on Real Estate

Real Estate is a complex industry where there are several factors that drive the prices of properties up and down. And one such factor that is currently in action is the interest rate. Mortgage costs are over 7% now; people are confused if it signals the risk of declining house prices. Moreover, the situation has also led to reduced affordability of homes in the country.

The hardships are not on the agent’s end too. Olga Zakinova, from Douglas Elliman, said during the podcast –

“91% of agents couldn’t even manage to sell a house with the interest rate being 4%. So that means that 91% of agents are not even equipped to understand how to navigate this market.”

It implies that it is going to be a tough ride for Real Estate Agents, and it’ll be hard for many amateur agents to navigate through the ongoing tough tides in the market.

How Agents Should Respond to the Current Market

According to Olga Zakinova, the present conditions have made the market challenging, or in her words, exciting. A few of the things that agents should be focusing on during these times are –

• ●  Preparing the clientsIf you have a client who has to move somewhere else and wants to sell their home, you must explain the different movements that are happening in the market. The agent has to prepare the seller’s mind to sell the home as it is not sure when the market will favor the sellers.
• ●  Preparing the home for saleIt is always a crucial part of the process of selling a home. But since the interest rates are high and there are not so many buyers in the market, as an agent, you must market the property using modern techniques to grab the attention of the buyers.Aerial shoots of the property and 3D Virtual Tours are the trending technologies that are in use in the Real Estate industry.
• ●  Staying in the momentumSince it’s not a seller’s market, agents must ensure that they don’t miss any opportunity. Try to organize as many showings as you can and focus on locking the contract with the buyer on the ongoing rate.What Should Homeowners Do? – Sell or Not?

The market is shifting, and property prices are soon expected to fall in the coming times, as discussed during the podcasts by experts Olga Zakinova and Lucy Edwards. Selling at the current prices is a good call for homeowners moving elsewhere, and others can make the decision based on their situation.

Watch the full video on Alpha PR Pro and listen to Olga Zakinova and Lucy Edwards to learn more about the current market scenario and how to respond to the increased interest rates.