March 14, 2017
The spring market is off to a very strong start this year in the communities North of Boston, MA. The uncertainty of mortgage rates are causing many buyers to feel a high level of urgency. While it is a sellers market, depending on the type of home, location and price point, the level of demand can vary greatly. Many homes are selling within days, while others a few weeks. Some homes are receiving a few offers selling for close to asking and others are getting 15+, selling for tens of thousands over.
If you are in the market to move in the Suburbs North of Boston, call us to today to make sense of this crazy market. For sellers, pricing, preparation, strategy, and understanding the nuances of navigating a bidding war is critical for taking advantage of this market to get top dollar. For buyers, this market can be extremely frustrating! it is crucial to understand the market climate you are in. It is just as important to understand strategies on getting an offer accepted in a bidding war as well as knowing when it is unnecessary to outbid yourself, and over pay by thousands, when you arent competing with other buyers.
Mortgage Interest Rates Went Up Again… Should I Wait to Buy?
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades.
Bottom Line
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.