Lake Arrowhead and the nation, mortgage rates are creeping upward, increasing the amount of house payments. Many prospective vacation home buyers feel this is a top factor impacting their desire to purchase a home.
According to a recent poll conducted by Zillow, 53% of current home shoppers feel interest rates is a major concern. In the mountains, 72% of the buyers use discretionary income for a vacation home.
Rising rates have begun to have an impact on home buying activity
Waiting can cost you MONEY. Higher rates impact sales and prices.
While higher rates have so far had a fairly benign impact on financial markets, they have led to an increase in mortgage rates. Higher mortgage rates can decrease housing affordability, and thus have the potential to lower the demand for home purchases.
LAKE ARROWHEAD SALES CHANGE ::1989 to BUBBLE/ 2005 to 2018