The real estate market has taken a big hit in the last few months, both for buyers and sellers. But another group that has been hit is real estate professionals. Following substantial hikes to the funds rate to curb inflation, mortgage rates have risen to their highest levels since 2002. At just over 7%, the average 30-year fixed mortgage rate is nearing its historical average.
With mortgage rates so high and expected to go even higher in the next few months, buyers are more picky about the home they purchase. The house with the old kitchen or unfinished lower level would have been bought and the buyers would plan to customize it in the future. This makes it tougher for real estate pros to sell homes or multi-unit buildings that need a little work.
Now, there’s a solution that will help real estate buyers and agents. Construction loans. Unlike mortgages, construction loans allow your buyers to add in additional funds for repairs and upgrades. The best part? The rates are much lower than a typical 30-year fixed mortgage.
Ed Currie is the #1 construction loan officer in the United States in closed loan volume and ranked 24th overall. He and his team have closed more than $3 billion in construction loans, so they’re ready and prepared to ho help you and your clients turn that old building or home into the space of their dreams.
So if you have a listing for a house or 2-4-unit building that needs a little love, don’t give up on being able to sell it. Call Ed Currie today at 847-214-2404 and let’s work together to sell your listing! For more tips and our latest updates, check us out on Facebook, Twitter, LinkedIn, or Pinterest!