Mortgage Rate Bingo?

By
Real Estate Agent with RHL Referral Company

I was chatting up one of my favorite mortgage guys today, while on my way to meet with a client. I asked him if he had heard anything about yet another interest rate drop from the Feds. The rumor mill is churning...

He had an interesting comment. "While the Feds are doing this to stimulate the economy, and help the American public to help themselves out of the pathway of a future recession...it is counter-productive for Realtors and for their clients who are fence-sitting and just waiting to see just how low they will go."

I'm thinking he meant that while Buyers are playing a game of "Mortgage Rate Bingo" waiting for that elusive winning combo...their dream home is being bought by someone else or taken off the market or sold on the steps of the courthouse.

Then there is the "domino effect" of selling your home to the next guy, that allows him to sell his home to the next guy, that allows him to sell...you get the picture. <Wait a minute here....I am getting an epiphany! The whole real estate collapse was started by one person who backed out on the sale of their home? hmmmmm >

I hear-tell that there was a time when interest rates were actually double digits and mostly in the high teens...and Realtors were still writing contracts. So you need to ask yourself...Is it really worth the wait?

2008 is turning out to be the year of many opportunities in the SoAz Real Estate market. Whether movin' in or movin' up...it's gonna be a great time!

For all of the latest Real Estate and Local info for Southern Arizona...check out my website.

See you out by the Saguaros at sunset.....

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Tags:
tucson
mortgage rates
foreclosure
short sales
real estate

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Rainer
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Liz Calhoon

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