Let's Get REAL Estate

Howdy all!

Today is going to be one of the posts that is more like random thoughts! LOL!

First off...Interest rates are LOW! LOW! LOW! The average for a 30 year fixed is 4.6% and a 15 year fixed is 3.78%. These are historically low rates! If you can afford the 15 year fixed you will pay approximately $400 more per month but you will save over $100,000 over the life of the loan vs. the 30 year fixed (based on a $200,000 mortgage)!

Second, our rental market is VERY strong. Prices are jumping up because more people are renting. Those who have been foreclosed on are newly entering the rental market and those who want to buy are having trouble finding property (because of our historically low inventory) so they aren't leaving the rental market.

A word of caution to those waiting to buy...you may hear that prices continue to fall and while that may be true in some markets keep in mind, interest rates won't stay this low forever. If you wait too long the amount you MAY save on a price reduction can easily be offset with higher interest rates. The problem is, by the time you see the signs of interest rates increasing or prices starting to rise (which they are doing here already)...it's too late to get the benefits of both being low. It's a real tapdance!

And lastly, I usually don't do restaurant reviews but we had lunch at Rodeo on Wilton Drive (they will open for dinner soon as well) was really good! It was their second day open so you could see the nerves but the food was tasty and well presented and the service was great. They have done a beautiful job remodeling the space and we hope you will support this excellent new addition to "The Drive"!