Don’t Let Rising Rates Derail Your Finger Lakes Move

By Vicki Schamel

Has been a dedicated Realtor for over 30 years. She first entered real estate to balance work and raising her two young daughters, but it soon grew into a lifelong passion.

Mortgage interest rates have shifted again, and for anyone in the middle of buying or selling a home, that change hits the numbers. Whether you’re already under contract or still touring houses, my advice is the same: don’t stop. Start by knowing your numbers, because the steps you take now keep your plans on track.

Your credit score shapes your rate. Your credit score directly affects the mortgage rate you qualify for, and a stronger score helps you secure the best available mortgage and rate. That matters even more when rates are climbing, so keep your score as healthy as you can before you lock anything in.

Keep your preapproval letter current. If you were preapproved within the last 30 days, call your lender and your agent and make sure your preapproval letter reflects current interest rates. When rates rise, that conversation with your bank and your agent becomes even more valuable because your preapproval keeps your search moving forward.

Don’t stop looking for your home. The goal is to get into that home. If rates change or come down later, you can always refinance, and you can always prepay your mortgage. I’m happy to walk you through a few strategies when the time comes, but for now, the priority is staying on track.

Look past the list price. When you’re looking at homes, do a quick review of each one. Homes at similar price points can lead to very different outcomes. One may have higher property taxes, while another may carry neighborhood fees or condominium HOA dues. Reviewing everything helps you make sure the house you choose holds the right value for you.

Sellers, price for today’s buyers. This matters to sellers too. When rates climb, a buyer’s purchasing power shifts, and your asking price needs to reflect that change. Prices sometimes ease when rates rise because buyers negotiate more aggressively, while sellers agree to concessions or lower their prices. An appraisal from a previous sale or refinance may not reflect your home’s value today.

Ask your agent for recent sales. Ask your listing agent for an update on homes like yours that sold within the last few days or the past month. Find out how long those homes were on the market and how the original asking price compared with the final sale price. Ask, too, whether there were any price reductions along the way. Those details help you understand the competition, price your home realistically, and evaluate offers when they come in.

Agents, buyers, and sellers alike can’t control interest rates. We can stay prepared, educated, and informed. If you’re buying or selling and want to review your numbers, or you simply need some help, I’m happy to sit down with you. Call me at 607-351-6933, email me at vickischamel@kw.com, or visit fingerlakesrealestatereports.com. Wherever you find me, I’ll be there for you, and I hope you never stop going after that dream home.