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Rising Interest Rates and You

Barbara Corcoran: "Mostly, people are rushing in as though it's the last chance at a Macy's Day sale. But very few people are asking: what does the one point rise actually mean in dollars and cents? They're having a knee-jerk reaction to their fear of rising rates. My advice: it's ridiculous to overreact to a one point rise when Manhattan apartment prices are going up 2 percent each month."

Gerard Longo: "Although rates have gone up, it still makes sense for someone in Manhattan paying $3,000 rent to relocate to Brooklyn, purchase a $500,000 home, pay almost the same money and, on top of that, get the tax refund."

[Related: This week's real-estate obsessed New Yorker cover.]
· For Home Sales, Spring Fever [NYTimes]