I hear a lot of people complaining today about the interest rates being so high. Interest rates were at a record low prior to the recent increases. In 1981 when I first got my real estate license, interest rates were at 18 percent. Real estate agents had to be creative to make a deal work. Owner financing was one of the options. Sometimes banks would allow the current mortgage to be assumed and, of course, there are always cash buyers. Current rates for buyers with good credit are in the 5 percent range and a buyer can always refinance if the rates drop. Adjustable rate mortgages are a good option. They usually have a lower rate and generally cannot adjust for 5 years, which means that the rate will stay the same for 5 years.
If you are ready to make a change, don’t wait. Get pre-qualified by a good lender and contact Farren Shoaf (704-902-9640) at Total Real Estate LLC to list your home or start your search for a new home.
Doris Short
Published on 12/30/2022 (1 years 326 days ago) News