Interest rates are on the rise in Corona CA
I heard it twice today. Interest rates are on the rise and I am afraid my buyers won't qualify for the property anymore. Realtors are getting busier by the day. We are showing more prospective buyers who are shopping for that special home. Clients within our sphere of influence are actually calling us for appointments. This might be an indication of what we can expect come Spring. However, if you wait for Spring, you miss the chicken.
Mortgage rates have been on the rise for the last month. Buyers who were once on the fence are finally coming to the realization that it might be better to jump back into the market. Investors are trying to snatch undervalued shortsale properties.
The fact that the overall rate for 30 year fixed increased by another five basis points, holding at 5.17 as of February 4, 2011, has many prospective buyers concerned that they might soon be priced out of the market. The market is know to fluctuate quite rapidly once it gets the momentum.
This is good news for everyone, not just realtors. It is a very good indication that the price of homes will soon be on the rise. I forsee more listings as the weather improves. As the market improves, it will uplift the economy. Isn't this what we've all been waiting for?
If you are in the market, contact me or your local agent before Spring arrives. All indications seem to show that the market has already reached bottom.
What are your thoughts on the market for Spring 2011? Are you seeing the same activities in your community?
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