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We're At The Bottom! Lock, Buy, Love & Live!

By
Real Estate Agent with Coast and Valley Rentals

I was looking at an industry mortgage rate chart for the past 30 years and it's always refreshing to talk to professionals who worked in the industry back in the late 70s & early 80s when interest rates peaked around 18 - 21%.  They will wax about how the only deals that were getting done were those were seller financing was involved & almost expected.  When rates finally did reach around 10% many couldn't believe it and this was a catalyst for getting buyers off the fence.  It may be useful for us to remind our buyers that today's rates really are at historical lows.  My sense is that were are going to start to see the rates climb, even though many will claim and I would agree that we're not calling this a recession, but it let's spin it and call it a stand still in the economy at best.  We'll look back 6 months from now and smile when our clients go, "I should have . . . " & guess what?!?  I told you so!  Again, where someone is waiting for prices to go, they will loose in higher monthly payments.  Something has to be the catalyst and motivator.  If it's to be it's up to me to get this market moving & you too! 

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Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I was "around" in the real estate business in the 70s and owner financing * wrap-around mortgages * gap financing  became the KEY factors in getting homes sold - Owners who have no loan on their home should CONSIDER owner financing

May 16, 2011 10:44 PM