Interest Rates Hit 30 -Year Low
Kathy Riggs March 29th, 2009
Because the national news media continues to broadcast gloom and doom, real estate professionals are excited when they see some good news they can pass along to buyers and sellers.
My previous post was the first in a short series focusing on the buyer’s side of the transaction, but sometimes a little good news is great for both sides of the real estate world.
And the good news is about interest rates. As of March 27 rates had dropped to 4.85, a 38-year low. Lower interest rates attract buyers and sellers definitely need buyers.
The first post in this series focused on the buyer’s need to get a pre-approval from a lender. Tough economic times have caused some credit card companies to lower customers’ credit limits, and that can translate into lower credit scores. If you think you may have fallen through the cracks, check with several lenders and ask if they have any new programs that may apply to you. Or ask your Realtor, many mortgage brokers keep in contact with Realtors so we will be aware of a buyer’s options.
Now that you have your financing arranged, it’s time to meet with your Realtor. Your Realtor will explain the types of agency, give you a sample copy of the Offer To Purchase and Contract and information about home inspections and real estate closings. Buyers should become familiar with these materials and question their Realtor about anything they don’t understand; but don’t let the paperwork overwhelm you. Your Realtor will guide you every step of the way. Finding that dream home should be fun and exciting!
When meeting with your Realtor, discuss any particular desires you have and be specific. The market has plenty of 3-bedroom, 2-bath homes – but do you prefer a dining room..is a fenced yard important…how close to work or school do you need to be? Also, your Realtor has shown many of the houses on the market and will be able to share some of the features of the various homes.
So, find your comfortable shoes and let’s start house hunting.
on the lighter side
…one real estate agent asked another if he passed the ethics test. “Of course,” he replied, “I cheated.”
SHAMELESS PLUG
email me at kriggs@kathyriggs.com and I’ll be happy to help you.
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