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Falling Interest Rates! Good Time to Buy in Big Canoe?
By Karin Elliott | September 12, 2008
Lately the falling interest rates are bringing more people to Big Canoe than the foliage. Although Big Canoe has not even come close to hitting peak season for Fall, the mortgage interest rates are a little less predictable. As an agent I get about 20 emails a day from bankers and mortgage brokers aching for me to pass on their names. I usually just peek and delete, but recently some have caught my eye and I can’t help but to write about it. They are sending me ridiculously good rates of 5% fixed for 30 years and talk of rates in the 4’s for 15 year fixed, Holy Moly! Even the cautious buyers are perking their ears. The nationalization of Fannie Mae and Freddie Mac has provided some much needed relief to lower the nation’s housing inventory and I feel that hope is on the horizon.
A perfect merge is standing right in front of us in Technicolor. The cash buyers have been snapping up Big Canoe properties at very reasonable prices because the Sellers like clean quick closings and they are concerned about the Buyers not getting their loans. However let’s face it, we can only be so “liquid” and most of us need mortgages! Right now the power has been handed to buyers who need mortgages and 5% (fixed for 30yrs) is practically irresistible when you can also buy your Big Canoe homes at 2005 prices on average and sometimes less.
This interest rate road is still being paved and sometimes requires good brakes and 4 wheel drive. We do not know what’s ahead of us but we can see what’s behind us. Right now this move reminds me of the Seinfeld episode where Kramer adopts the 1 mile stretch of highway. Ignoring the road that leads into his stretch, he widens the lanes by repainting all the lines to make his mile of highway attractive and very comfortable for the drivers. Like the easy ride highway, it won’t last forever and the rates will rise in the future. However new low rates are a HUGE reward to the buyers out there with good credit who have been watching and waiting for this to happen. This is a wonderful opportunity to wrap your arms around the home you want, for a great price, at a rate you can brag about!
Topics: Big Canoe Real Estate |
September 13th, 2008 at 10:03 am
Hi Karin,
Good, timely article to remind prospective buyers that THIS IS THE TIME to come out from behind the bushes and get a wonderful home or get-away in a mountain paradise. I would only add that to qualify for those super low rates, a buyer must have an excellent credit score–at least 700 or more. Lenders have to be very cautious in the wake of the sub-prime debacle, but the loans are out there in abundance for those who qualify.
Cheers,
Margo
September 13th, 2008 at 3:42 pm
Hi Karin,
Very well stated. Yes, those buyers who have been sitting on the fence waitng for a real “steal” need to jump off of it and take advantage of this wonderful opportunity to buy their dream home in the North Georgia Mountains NOW!
All the best,
Peter