The Perfect Storm For Loudoun Buyers
I just had clients who just wrote a contract on a home in Leesburg.
Being the smart buyers that they are, they knew what they were comfortable paying monthly. They had yet to lock in an interest rate with their lender when they received a call from her letting them know that the rates had dropped drastically.
They recognized the great opportunity and will now be enjoying paying much less monthly than they ever were planning to pay in the first place!
Rates have dropped around 1% in the last couple of weeks creating hundreds of dollars of extra savings for purchasers depending on the purchase price
Earlier this year I received an email where a popular news station was predicting rates to be at 7% interest rates at this time. Obviously they are not. The point is that no one, even those with ”EXPERT” written on their chests are able to predict this market or interest rates.
There are many who will never take advantage of this market no matter how good it gets.
However, for those who have been waiting for a fantastic opportunity that they will be happy they took advantage of in a few years, I have little question to whether or not this is that moment.
Will prices decrease more??? Probably a little more… BUT…. if you recieve a lower price and have a higher interest rate what have you really gained?
There will never be a moment in this market where conditions will be perfect. Why??? Because a perfect market is a market full of purchaser fighting over the same home. We all know that this is anything but perfect conditions.
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Great post!
There are soooo many deals to be had for buyers in a market like this. Good financing can save buyers a huge amount over the life of the mortgage and can make a well negotiated contract even better!