Lori's Mortage Minute - V.1
Updated: Aug 9, 2021
If you or any family members are considering a first home purchase, moving to a larger home, investing in real estate to help pay for your kid's college, or dreaming of purchasing a vacation home, NOW is definitely the time to do it!
Interest rates are lower than ever. Low rates help you buy more while keeping your monthly payments low. With interest rates so low, borrowing money has never been cheaper. How cheap? July 2020 long term rates hit a milestone and dipped BELOW 3.0%! Even refinancing is incredibly low at around 3.25% with excellent credit.
So with such a good time to be buying, what about the selling side? Where as most people think the two sides are opposing (if buyers are getting a good deal it must be at the seller's expense) the low-interest rates are actually creating a different economic scenario.
The record low-interest rates are creating record high buyer-demand with multiple offers on homes (Timber and Rose Realty Group is averaging 8 offers per listing this year) and sellers are getting top-dollar for their homes. The National Association of Realtors announced a 20.7% spike in home resales in June, setting the largest monthly increase on record.