MYRTLE BEACH, SC (WMBF) - If you are thinking about buying or selling a house anytime soon, some real estate experts say you should do so sooner rather than later.
Mortgage interest rates are near an all time low, but by the end of the year, real estate experts expect those rates to jump 1%. One percent might not sound like much but it could mean house notes on new homes could cost hundreds more.
That is why homeowner Tom Rolen decided to try and sell his house now.
"The cheaper the better, I mean if I can get 3-3.25% that'd be better than I've ever had," Said Rolen.
Some real estate experts encourage people looking to sell their house, like Rolen, to maybe lower their asking price and take a hit before interest rates rise on their next home buy.
"I'm taking a loss on the house," Rolen said. "I've priced it 11,000 dollars lower than what I paid for."
But Rolen said he gets it.
"That's real estate I mean that's the economy so you have to go with the flow," Said Rolen.
There's also some good news for first time home-buyers, a new tax credit program can save South Carolina first time homeowners up to $2,000 a year on a new home.