It’s no secret that real estate and banking have been in the news for all the wrong reasons during the past 12 months. Yesterday, we received great news from our preferred lender, Scott Miller, at National City Mortgage. Interest rates are at long time lows right now. Yesterday, the rates for a 30 year fixed rate dropped to 5.49% and the rate for a 15 year fixed mortgage dropped to 4.99%. According to The New York Times, most economists don’t believe rates will decline much more in the near future.
We’re not sure if we will see another time in the next 10 years where extremely low interest rates are coupled with lowered home prices. This unusual alignment of low interest rates and low sale prices makes for a very opportunistic time to BUY a home, particularly if you would like to trade up to a larger home. If you are planning on SELLING, the lower rates allows more people to qualify to purchase your property…producing a larger potential pool of buyers.
Tony and I would love to talk to you about any questions you may have about your current home or the market in a neighborhood that interests you. Just call us or email us to arrange a confidential consultation. We look forward to hearing from you.