The mortgage rates are incredible- 5 to 5.65% for fixed rate loans; and around 6% for jumbo money. We are also watching for a possible increase in the conforming loan amount. Currently, loans up to $417,000 qualify for the best interest rates. Loans above $417,000 are classified as “jumbo loans” and are charged a higher interest rate. The conforming level is expected to be increased to $729,000- good news for buyers and borrowers in this range.
I will keep you posted!
A bit of snow at the shore this week- and very cold temperatures. But the sun is out and the ocean and beach look beautiful.
Worth the effort to bundle up for a walk! Â
I’m watching the financial news today. Like most people, I’m not certain of the impact on our corner of the world. The Federal interest rate cut is great news- and we should see the lenders respond with very attractive options over the next week or two.
We are definitely seeing more buyer interest. Because Avalon and Stone Harbor are a seasonal market, it makes sense that buyers are focused on the approaching summer months. This is the ideal time to finalize a selection and make an offer.
Today is my birthday, and Mother Nature gave me the gift of temperatures just above my age. Â Hint- the number was not a record breaker, but higher than average for January!
I have attached a picture of my party on the beach with the birds 🙂
I plan my walk around the tide schedule (for enough hard sand on the beach)- and it occured to me this morning that the real estate market is similar to the constantly changing tide- we just have to work (or walk) around it.
We are finally hearing some positive news related to the banking/ real estate industry- and consumers are watching for good opportunites with interest rates and home prices.
And, just as we can count on the returning tide, the mild weather is only a few months away…and we will be enjoying the environment that is unique to the seashore.Â
No need to fear the change of tide. Just take an alternate path that leads to the same destination!
We are starting to see activity with sales and rentals as our customer base looks forward to the summer of 2008. There are great options on all levels…so come on down!
Good news for buyers: we expect a slight reduction in the interest rates, too.Â