It is the time of the year again where we stand still about all the things that we are thankful for. This year so far has been a rough one for anyone, weather you are in the real estate industry or not. But, opportunities in a market like this are also available.
I decided during one of the most unforgiving years in real estate, to start my own brokerage. I am so thankful for the people that supported me in this decision and continue to support me.
I would like to thank all my clients that never lost trust in me, all my friends who encouraged me and most of all, my wife and her unforgiving support throughout the years when I come up with crazy plans like this. She has always been the one that is helping me get better and always believes in me.
The Rollercoaster of Rates
Wow, the past two weeks have been crazy when you look at the interest rates. We hit a high of 8.03% to then suddenly drop within 3 days to 7.38%.
A sudden drop like this, is in my opinion just a temporary thing since the government will always be quick in raising rates, but not so quick as lowering them. We can see that in todays rates as well. They slowly climbed back up to 7.62%.
If you are a buyer, then you probably have been waiting for this drop. We have seen that, the activity in the market went up just a little bit. And if you found a house during the weekend where rates were still at 7.38%, you probably feel pretty good about it. However if you are like most buyers, you were probably not prepared for this and had to connect with the lender to get pre-approved and now you are looking at a rate of 7.62%.
To prevent this for future drops, make sure that you are already pre-approved. Depending on your situation this could take as long as a week. A lot of buyers are waiting for a drop, and when that happens they scramble to get everything ready. While the ones that are prepared, are making offers on homes. The unprepared ones will also compete against many more buyers. So please do yourself a favor and get preapproved and do not worry about the expiration date, you can always renew it.
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