REAL ESTATE SPOTLIGHT 53207 — If you love a low-interest mortgage rate, act now
February 1, 2017
It’s the love month—and don’t you just love your home! Oh wait, you don’t own your own home?
Wouldn’t you just love to have a home that’s all yours?
Well it may be better to look for one earlier rather than later in the year. The two factors that would affect your monthly mortgage payment. Home prices and interest rates are both predicted to increase as the year evolves. Interest rates may increase significantly.
According to the National Association of Realtors, interest rates are expected to be at the lowest, 4.5 percent and at the highest 5 percent. The current rate is 4.125%. Interest rates can make a dramatic difference in your monthly mortgage payment and what you pay long term. It’s important to lock in a rate as soon as possible to avoid a higher mortgage payment. I believe having a fixed rate versus a variable rate in this current climate is a safer decision. The fluctuation of the markets and economic uncertainty associated with a new federal administration make locking into the current rate a wise decision. If you can lock in the current rate, it is guaranteed not to go up during the life of the loan. If you decide on a variable rate, that rate will fluctuate with the market and it’s been predicted that it will be raised a few times before the end of the year.
And for those of you who do own a home and have loved living in your home and are thinking of selling, now is the best time to do that. There is no more “spring” market.
What exactly is a “spring market?” It was always thought that one should wait until the spring market in order to get the best deal on a home whether buying or selling. Now, not so much. Now that buyers are online 24/7, 365 days a year, any type of seasonal market has been eliminated, with one exception.
As soon as the first of January arrived, buyers were out fast and furious this year looking for a new home. There is always that hope of a rebirth at the beginning of the new year, a renewal of goals and aspirations. Home buying is no different. With the elimination of the seasonal market, the minute the New Year arrives, buyers are on the look out hoping to find “their home” before anyone else gets their hands on it.
So if you list your home sooner in the year you will have much less competition. Because so many sellers feel they need to wait for the spring market, they all list their homes at the same time and become each other’s competition, making it difficult to get the best price for their home. It’s a buyer’s dream!
Consider adding a personal touch. If you are a seller getting ready to go on the market, write a letter to your future buyers on why you loved your home so much. What made you buy the home? What do you love about your neighborhood, the street you live on and your neighbors? Buying a home is an emotional time for everyone, buyers and sellers alike, so the more you can appeal to what the other is looking for, the happier everyone will be.
Demand for Bay View remain strong and it is competitive. I’m finding that buyers are still in love with the idea of finding a home in Bay View! They can’t get enough of our great community! Buyers are aware of all the great things that Bay View has to offer that other communities don’t have.
Bay View Real Estate by the Numbers
136: Homes sold in the past four months
$118.37: The average selling price per square foot
51: Average days on the market
93: Homes on the market
23: Homes on the market with accepted offers
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