Well we sure knew that it was going to happen, but I think that everyone was hanging on to the thought that it would last a bit longer. The bottom line is that the era of the 4% came to a sudden halt following a quick rise late in November.
Although we are now in the 5% territory, there are many experts who think that it is a good thing as it might help to further stimulate a lagging housing market nationwide.
With regard to the greater Naples Real Estate Market, I would think that the rise would help to get the fence-sitters thinking about pulling the trigger toward purchasing and give them a sense of urgency. Certainly the next few weeks will begin to tell the story, especially if the rates continue to rise gradually.
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Premiere Plus Realty Co.