Rates are continuing to stay at a 40 year low in our coastal market. 30 year fixed rates were quoted this week by Freddie Mac at 5.06% a full 1% under one year ago. 15 year rates are even lower at 4.49%.
So what does this mean to Buyers and Sellers here on the Oregon Coast? For Buyers it makes new loans very affordable and for Sellers it creates a mood of optimism as more Buyers are attracted to the search for a home at the coast. Certain factors are coming into play even with low rates. These include the need for Buyers to be prepared to begin the home search armed with pre-qualifications from the lender of choice and good credit. For Sellers it means spruce up the home prior to going on the market. Once the deal is written, it’s probably too late to do those low cost projects to clean up the property not just for the Buyers but also for the appraisers who are being held to a higher standard than ever before. Curb appeal remains one of the critical issues in selling a home.
If you would like to begin the process of finding that “dream home” here on the coast, call or e-mail me and we can get started.
