Bank failures have an upside for home buyers

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695

Today a loan officer met with buyers in my office who just locked their rate in at under 6% for a primary home.  Now most of my buyers have been quoted above 7% for weeks.  So I asked the loan officer "how" and he said it was due to the bank failures.  I did a little research and found a great article....

“When there’s any kind of economic uncertainty, mortgage rates tend to go lower,” says Ali Wolf, chief economist of the building consultancy Zonda. “Going into the collapse of Silicon Valley Bank, mortgage rates were getting pretty close to 7%. Mortgage rates were rising, and it was starting to look bad for home shoppers.

“If we see more bank failures and if we see more financial instability, mortgage rates will continue to be lower,” adds Wolf."

Here's a link to the full article

So if you have been sitting on the fence waiting for something to make it a better time to buy... it's RIGHT NOW.  

If you are looking to buy, call Lane Realty and we'll dedicate ourselves to helping you find what you are looking for (no, we can't help help you find a house under valued, that ship has sailed), but we can help you find a priced right house and recommend a great loan officer.  Give us a call today to help you get a good rate and a great house.

 

 

Posted by

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Tammy@Lake-Sinclair.com

(Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

Real Estate Instructor License # 355089

Call me today for all your Lake Sinclair real estate needs.

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Comments (12)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Tammy Lankford, 

I hearing the same thing and reading similar articles. If I was a buyer I'd get off that fence right now!!

Mar 15, 2023 05:00 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Tammy- interesting information and very helpful for buyers who aren't sure what to do with bank failures happening. 

Mar 15, 2023 07:01 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

You're right about the undervalued properties! If someone wants a home in your area, they should call really soon!

Mar 16, 2023 05:13 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Sounds like a really good time for buyers to get active, especially with more homes coming onto the market.

Mar 16, 2023 05:27 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Tammy - perspective has a place but as the stitchwork in your post shows - hesitation may not make a home at the lake in your neck of woods a reality.  Local expertise can make a difference.  

Mar 16, 2023 07:48 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Dorie Dillard Austin TX I have current buyers from out of state who used my office to meet with the local loan officer and they said "oh we don't need privacy...  you are our agent" so I was listening to the loan officer and when he told them what he locked them in at I was floored the rate was so good compared to the last few weeks.  So when they left we had a conversation about it and I did a little on line research to back up what he said.  It's weird how things help/harm the market that you wouldn't expect to do that.

Mar 16, 2023 11:39 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Kathy Streib it certainly does make it sort of scary, but someone will buy all the debt the lender has out, so even if YOUR bank fails, you'll still be paying SOME bank  your mortgage.

Kat Palmiotti we still get those who walk in my office and want 2012 prices.  Nope, they gone.

Mar 16, 2023 11:41 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Brian England  love the outfit and don't I wish we had more inventory.  We're fighting for listing around here because they go as fast as we get them.

Michael Jacobs I'm infamous for that saying and a past client who actually became an agent in my office after moving from Michigan to Georgia (now retired) made that for me and it hangs on the wall in a collage of sold house photos.

Mar 16, 2023 11:44 AM
Brian England

Credit goes to Sharon Tara for the outfit, she makes all of my holiday outfits!  I think that I have one for every holiday but if I don't, I am sure she will whip one up for me, haha.

Mar 16, 2023 03:49 PM
Tammy Lankford,

Brian England I almost forgot to wear green this morning.  But in my defense I was texting my daughter about sick grand babies.

Mar 17, 2023 05:36 AM
Roy Kelley
Retired - Gaithersburg, MD

This is interesting information to share with prospective mortgage borrowers.

Have a great day and an outstanding weekend.

Mar 17, 2023 03:54 AM
Tammy Lankford,

Roy Kelley you have a great day and weekend too.  Mine will be great.

Mar 17, 2023 05:39 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Tammy:

Love that signage and the message - hopefully those in a position to buy are doing so, at least given your limited inventory.

Good information about the recent bank failure. No doubt it has plenty of buyers, and sellers, nervous without their understanding the impact.

Happy St. Patrick's Day, and HAPPY BIRTHDAY! May it be a very special day for you with family.

Jeff

Mar 17, 2023 10:34 AM
Tammy Lankford,

Jeff Dowler, CRS it was not the day I planned, yet it was a good day.  Sick littles kept me from my grands.  Maybe by tomorrow I can see them.

Mar 18, 2023 06:36 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Tammy Lankford, what a great tapestry with an excellent message that causes one to dream about buying a Lake House and getting under contract. Hesitation is not an option. 

Longevity and knowledge about how the real estate industry works trumps whatever news is being spread by people who weren't even born and had no experience.  

Mar 17, 2023 10:07 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Nearly 31 years in the business does put me in from before some in it were born.  Wow, hadn't really thought about that. lol  Of course I also think some in for long times experience or not, but who aren't open to new and change get left behind as well.  But experience does bring a LOT to the table.

Mar 18, 2023 06:38 AM
Patricia Feager, MBA, CRS, GRI,MRP

Tammy Lankford, your experience is golden! Buyers and Sellers should never be afraid to come to you for advice or to consult with you on buying or selling. 

Not to sugar coat bank failures, because it is serious; however, truth is better than rumors. 

Mar 18, 2023 06:47 AM