Cape Gazette

A Window is Open for Buyers and Sellers

By Lee Ann Wilkinson, Berkshire Hathaway Home Services | Sep 21, 2013
Open your window of opportunity at the beach - the weather is holding!  Call The Lee Ann Wilkinson Group at (302) 645-6664 today!

If you have been watching interest rates and waiting to make a move, you have a newly opened window of opportunity.  This week, the Federal Reserve announced it would continue to purchase mortgage-backed securities and Treasury bonds, according to a September 19, 2013 CNNMoney article.  In other words, the Fed will not taper these purchases – which should keep mortgage rates at least the same, if not slightly lower, for awhile.


The question remains as to whether or not we are headed toward a 5% mortgage rate; however, (as CNNMoney cites) Freddie Mac’s chief economist, Frank Nothaft, said rates could hit 5% by mid-2014.  To keep things in perspective, these rates are still relatively low - but buying now offers a chance at savings for buyers that are on the fence now about purchasing a home.


If you are already in the process of buying a home now – awaiting your settlement/closing – consider these tips (courtesy of Chris Hoenen at Schab and Barnett):


If you are paying cash:


  • Arrange for your certified funds in advance of closing to allow time.
  • Make sure your insurance is in place, even if you are not using a lender.
  • Get a survey! Even if you do not have a lender requiring it, a survey protects you as the buyer.


If you are selling a property:


  • You have closing duties, too!  Complete the letter/checklist your attorney sends you, which includes requests for your mortgage lender, a survey (if you have one) and association contact information.  Privacy laws prevent payoff without sellers’ authorization.  Sellers can greatly expedite closing by returning this information.


If you are looking for a property to buy – or if you have one to sell:


  • Call The Lee Ann Wilkinson Group today at (302) 645-6664 or email us at  We are ready to help you open your window of opportunity!


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