How much do mortgage rates impact real estate demand?

We hear all the time about how mortgage rates going up or down has a major impact on the real estate market, but what does that actually mean? The conventional wisdom is that when rates go up, demand goes down, and when rates go down, demand goes up. But it's not always that simple, and for the Upstate, SC market specifically (Greenville, Spartanburg, Pickens, Anderson, etc.), we have to really take a close look at the data to determine just how sensitive the market is to fluctuating mortgage rates. The good news is that we have that data from the past several years, and using it, we can draw some conclusions for what might happen if rates go up or down moving forward.

 As always, if you have any questions or comments (or, of course, need a realtor), feel free to reach out to Stan McCune directly by phone/text at (864) 735-7580 or by email at smccune@cdanjoyner.com.