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A SENSE OF URGENCY?
Posted by V.K. [Mel] Melhado P.A. on Friday, February 22nd, 2008 at 5:16am.
More and more buyers seem to be popping up out of the woodwork and one wonders what the real motivation is. Is it just that seasonal push or is there something else behind it?
It may well be a combination of things, not the least of which is the modest rise in the mortgage interest rates, (the average rate for a 30–year fixed-rate mortgage shot up 32 basis points in just the past week, rising from 5.72% to 6.04%.) After trending up the past two weeks, long-term fixed mortgage interest rates are now where they were at the beginning of the year.
It also could be the fact that buyers have finally come to the conclusion that we are indeed at the bottom of the trough of the real estate market and they worry that the exceptional values in the inventory will evaporate, unless they take action now. To be sure there will be a strong inventory throughout the summer and into next year, but many of the great deals will be gone.
Whatever the reason is, after the lag the past year or so, it is great to see the enthusiasm back and we hope that it continues far beyond the ‘high season’. We have to remember and promote the fact that real estate remains the top investment vehicle!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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