The recent news about the financial markets has caused concern among many potential buyers and sellers. With the failure of SVB and other banks following suit, the Federal Reserve has been raising rates, causing volatility in interest rates, particularly in the mortgage market.
As a potential buyer or seller in Massachusetts or New Hampshire, it's important to understand what's happening in the financial markets and what it means for you. While the issue is not isolated to just SVB, it is not indicative of a huge problem within the US banking system. Larger banks such as Bank of America and Chase are stable, and there is no real reason for consumers to be pulling their money out of the banks.
The impact on the housing market is also expected to be minimal. While the financial markets may give the Federal Reserve a little bit of pause, it is unlikely that there will be a massive falling of home values, especially in Massachusetts and New Hampshire. The local real estate markets are not likely to feel any impact. However, mortgage rates may be affected by what is happening in the financial markets, with the Federal Reserve assessing whether they will continue to raise rates as aggressively as they have been.
The good news is that the market is still robust, and there are still great opportunities for both buyers and sellers. Working with a skilled and talented real estate agent and lending partner can help set you up for the most successful outcome. The key is to understand your personal goals and work towards achieving them.
In conclusion, while the recent news about the financial markets may be concerning, there is no need to panic. The housing market is still strong, and there are opportunities for success. Working with a knowledgeable team can help you navigate the current situation and achieve your personal goals.