THE FUTURE IS NOW!!
It's amazing to me that, no matter how low interest rates get, some home buyers will still want to wait for interest rates to go down even more.
Once something reaches the historic low, betting on a new low is not a good strategy. In fact, it may reveal a strategy of avoiding actually buying a home.
I suspect that, when a home buyer is that focused on interest rates, they are not ready to buy. Serious home buyers are going to look for what is today, now. Serious home buyers are not going to be focused on what could be in the future.
In our fast moving real estate market, THE FUTURE IS NOW!!
Insprired by a post by George Souto, There Can Be A Cost By Waiting To Purchase a diligent rate watcher, agents also can gain insight into the behavior of home buyers through the buyer's focus when getting financing.
LOCK OR FLOAT??? Interest rates and their movement may make a difference in whether or not to lock in the interest rate NOW or let the rate float while watching daily. This is where an experienced loan officer is critical. Loan officers get daily investor rate sheets early in the day. If they are looking out for a home buyer's interest, they'll get that LOCK done when the time is right.
DON'T BE A STRANGER! Home buyers, their agents and the loan officer MUST be easy to contact. Unless there is a prior agreement between the buyer and the loan officer about rates/lock-in, the loan officer MUST be able to communicate with a buyer, sometimes within short hours. If a buyer is at the stage of their financing where a rate lock-in is considered, they probably have a ratified Contract of Sale. At this point, communication may save a buyer money over the years if they can lock in a good rate.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Serving home buyers in MD and Northern Virginia.
"Honey, that was a good house for us. We should have made an offer."
"I agree Dear. Next time we'll know better. Now we have to find another property."
Lenn Harley, Broker, Realtor, Homefinders.com, 800-711-7988
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