Family Finance: Tips for buying, selling in today's market - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Family Finance: Real estate tips for current market

Laney Barroll Stark Laney Barroll Stark

With mortgage rates rising quickly, many might wonder if now is a good time to buy or sell a home.

U.S. mortgage rates have risen for the sixth straight week, and Laney Barroll Stark, of Barroll and Barroll Realty in Savannah said she's seen interest rates go up half a percent in three weeks. This is a considerable jump in such a short amount of time.

Stark said this is is because the Federal Reserve is sending out signals they plan to slow down bond purchases. This is causing the 10-year treasury rate to go up, which of course, makes mortgage rates go up.

Stark said she believes now is a good time to buy, and urges those who are interested in a particular area to find an agent that specializes in that area.

She also said if you see something, don't waste any time.

"If there is a property out there you think is a gem, don't sit and wait, because if you think it's a gem someone else is going to think it's a gem. I've been in bidding wars in this market, believe it or not."

If you're looking to sell, Stark said if you absolutely don't have to, it might be better to hold off because you could take a loss from the recession. She also urges sellers to price correctly, otherwise you won't make any movement on the home.

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