What Will the Downgrade in the United State’s Credit Rating Mean to Braemar Home Owners?
Friday’s announcement that Standard & Poor’s had downgraded the United State’s credit rating from AAA to AA, was shocking to some, expected by others. What will it mean to Braemar home owners? After all, most of the homes sold in Braemar were sold during the boom and property values have recently been slowly shifting upward and stabilizing.
As a full-time real estate agent, I am concerned over the potential for rising mortgage interest rates. We all know that rates can’t stay this low forever. But if rates were to rise too quickly, Braemar home values will likely get knocked back down. Only time will tell. However, for a full day’s work after the announcement, I can tell you that Buyers are out in full force and looking to get under contract.
If you’ve been contemplating putting your Braemar home on the market, wait no more. Your Spring competition is pulling off the market, but demand is still there.
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®