Selling Real Estate with Rising Interest Rates with Maria Quattrone

Maria Quattrone, a native of Philadelphia, is the distinguished Founder and CEO of Maria Quattrone and Associates RE/MAX @ HOME and Motto Mortgage Expert Solutions. With a prosperous career in real estate spanning nearly two decades, Maria has emerged as a pivotal figure in the industry. Her relentless dedication and proficiency in sales and marketing have underscored her prominence in Philadelphia’s real estate sector. Her success has won praise and accolades from Industry Insiders and Clients alike.

Motivated by an innate entrepreneurial spark and an intense passion for real estate, Maria initiated Maria Quattrone & Associates in 2005, transitioning from her previous role as an account executive in Philadelphia Radio Sales. With her hand-selected team of seasoned experts, Maria has revolutionized client service by fostering long-lasting relationships and ensuring superior results for sellers through strategic marketing techniques. She has provided buyers with transformational experiences by using her vast industry knowledge and market-specific insights.

Episode Highlights Here:

Maria:

So it is more complicated. Of course with higher rates, however, rents are continuing to rise, and they are projected to continue to grow.

Brett:

What’s the number one secret you can think about right now, the number one tip, and the number one piece of advice that you could think of when it comes to selling real estate with rising interest rates?

Maria:

Okay, so, first and foremost, if you are a renter and you don’t currently own a home, you pay 100% interest today on your rent. So as long as you can afford the payment, you have the down money, and you’re financially solvent, you should purchase a home now. The first-time homebuyer inventory, the entry-level inventory, is still very late. And it will continue to be for some time, maybe forever. So it is more complicated. Of course, with higher rates, however, rents are continuing to rise. And they are projected to continue to rise. So what I say is, find a house. It’s not going to be perfect. But if it has 70 75% of what you want, and you can, you know, put some sweat equity and a little bit on the rest, get into owning a home because we learn over time, wealth is built through home ownership.

Brett:

Excellent, you pull that away. I mean, pull that apart or don’t pull it apart, but make sure you understand it. So I love the way you put that you pay 100% of interest today if you’re renting, right? And if you can afford the down payment, and have you know, it’s affordable for that for the monthly payment. What you’re saying is you might as well buy now because of the projections not only for rising interest rates but also the rising rents. Is that a fair summary so far?

Maria:

Yeah, absolutely. And then the other part of that is, we do know that over time, interest rates go up, and interest rates come down. And if they do come down, and you’re now a homeowner, you could have gained equity in your home, and you can refi at the lower rate. And that is a win-win. So I say marry the house, the three

Brett:

Marry the house data rate. That is a great thing. Make sense. Get in now while you can impress even opportunity, right? Maybe, some prices have softened a little bit, Maria. What do you see out there as far as some of these property prices offerings is that just obviously depending upon each submarket,

Maria:

So it is, you know, real estate is local, and there are hypermarkets within a market. I would say that the entry-level homes are as those sellers aren’t as negotiable as more of a high-end, which seems to be sitting and sitting and sitting. However, sellers are entertaining offers. They are accepting inspections and, in some cases, providing seller assistance. And there are more choices for buyers today. So if they were on the fence and they didn’t do anything, even though their rates went up, they still have the potential to get a great house that they can afford before the crisis continue to go up over time, right? We know, at minimum, generally speaking, if you look over 3040 years, we get an increase between three to 4%, three to 4% a year. So over five years, you will have a 20% increase in the value of your home. So if you buy now, you can afford the payment and get out of renting. You can also the savings you’ll have from your taxes for owning that home you could use to pay off some of the mortgage payments and therefore strengthen the mortgage interest, the mortgage interest you would pay over the life of the loan. I

Brett:

I think that makes a lot of sense. I think the other stat I found that was interesting is during any of these past recessions, there’s only been one which is the 2008 crash or values of houses actually went down, and that’s mainly due because of the, you know, the debt crisis and everything that went on with associate but that was kind of, and we’re not seeing that. Now as far as anyone can tell. There’s nothing about these that these mortgages and the lending practices that have been in place the last 10 years affecting and also values of houses that appreciate it, you know quite a bit.