Cape Gazette
http://capegazette.villagesoup.com/p/1058830

A Window is Open for Buyers and Sellers

By Lee Ann Wilkinson, Berkshire Hathaway Home Services | Sep 21, 2013
Photo by: The Lee Ann Wilkinson Group The weather is holding and so are rates!  Now is the time to open your window of opportunity - call The Lee Ann Wilkinson Group today at (302) 645-6664!

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 currently on the fence 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 info@lewesrealestate.com.  We are ready to help you open your window of opportunity!
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