The real estate market continues to be white hot for sellers who properly price their homes, get them in the right condition and have them staged. This makes it very competitive for buyers. We see multiple contracts on houses in all price ranges so buyers need to be prepared to be involved in situations like this and put their best foot forward when making their offer. We have been saying this for several months now and we do not see that this will change anytime soon.
There is one area that continues to shock and amaze me today and that is interest rates. It is an unbelievable phenomenon watching interest rates today. Who would have ever thought mortgage rates could be as low as they are today taking into consideration where we have been since the Mortgage Banker’s Association started tracking rates. Remember what happened in the early 80’s with rates at all-time highs in 18-19% range and even when I got into the business in 1988 rates were between 10 and 11%. We got excited when the rates were creeping below 10%. Then we watched as rates came down into the 6’s and thought they couldn’t go lower and they have. This week I saw a 30 year fixed interest rate at 3.5% with a lender credit. There was even an article asking if rates could go down to 3%. There has never been a better time to purchase a home, investment property or even refinance your existing mortgage(s). Please let us know how we can help you.