Interesting Article in the Daily Press yesterday(see below). Great news for home sellers? Not so much. Unfortunately, the selling process is still a long one.
However, for buyers, the good news is still there. Prices are down and inventory is up. Also, mortgage rates are crazy low....we just closed on a home for our client who used the 7/1 ARM (that we blogged about a little while back) and her interest rate was 2.875% for the next 7 years! Remember, it does adjust by 1% each year after the 7 years but can never go above 8.875%!
Read Article Here: Peninsula home sales and median price drop 10%
Homes are still selling though. So, if you're looking to sell and you're able to price it right and the house is in good condition then it will sell!
If you or anyone you know is interested in buyer or selling, or has questions about that 7/1 ARM loan, give us a call!! 757-876-9621
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