I hope you all are getting set to enjoy this upcoming weekend? Ready for church, cookouts, fun, and of course NCAA basketball!!
I've been on a week long roll with this whole "BLOG" deal....and I figured I'd keep it moving. So, this will be a brief update on, alas real estate , here in Ocean City, MD.
BUYERS MARKET IT IS....now, for sure- even if you are soooo sick of hearing this ,often abused, saying! Well, just to give you the abridged version of our buyers market here ya' go: In our beautiful resort of OC there are over 1600 that's right, one thousand six hundred CONDOMINIUMS FOR SALE! That is a huge number....now couple that with the latest from my number one Mortgage Banker Brian Roberts, "The good news is that rates are really good going into the weekend. Rates changed twice again today on the upside to leave us at 5.75% for purchases with zero points. If your clients are interested in ARMS tell them no since the spread on ARMS is not attractive. The 30 year and the 30 Year Interest Only are still the two programs to go with."
Okay, what all that mess means is, IF, you have the money to put down 10-25% and good credit and job standing you will get the deal of a lifetime! Money is cheap right now, but lender's are doing thier due diligence in qualifying people...as they should have been long before the subprime mess. Remember if you have the cash (I wish I did?) to purchase without a loan...pay for a professional appraisal...you will be glad you did. Oh, and make it a contingency in any sales agreement!
Okay, thats my Good Friday insight on the "Buyers Market", now here is another couple pictures from our recent cruise....ahhhh- still daydreaming....
No comments:
Post a Comment