09/11/2024
We got the news on Friday that interest rates hit a 52-week low.
You might be asking yourself, how big of a deal is that?
Let’s put it into perspective: Let’s say you’ve purchased a $625,000 house and put 20% down.
Your mortgage would be $500,000.
Here’s how the payments would break down based on your interest rate:
8% Interest Rate: $3,668.82
7% Interest Rate: $3,326.51
6.2% Interest Rate: $3,062.34 (today’s rate)
So, when you compare 8% (which we saw in November of 2023) to today’s rate of 6.2%, that’s a $7,278 difference in payments per year.
There’s no question that affordability remains an issue, but I’m glad to see interest rates come down because every drop equals lower payments for my clients.
As always, I’m here to keep you informed about what’s happening in the market.
P.S. If interest rates hit 5%, would that change your real estate plans this Fall? Reply to this email and let me know!
Michelle M. Willliams - Realtor
Why Choose me as your agent? When you work with me, you will receive a knowledgeable and professional Realtor, a committed ally to negotiate on your behalf, with systems in place to streamline buying your home with the support of a trusted brokerage, HomeSmart. You also get an agent that is knowledgeable about today’s local market and market conditions.
Looking to sell your home? As a real estate associate of HomeSmart, you will now have access to every homeSmart associate across the country to help with exposure and the sale of your home. With our technology, we are leading the way in how homes are sold and purchased through online marketing. Your listing will display on top name sites like Zillow, Trulia, Realtor.com and countless other sites to get you the most brand exposure to your home.
Looking to purchase a home? I can provide you access to Bright MLS through a personalized portal allowing you search for properties that are active on the MLS. You will be able to search for properties at your convenience 24/7, save properties to your profile to view later and schedule showings with me so you can see those properties in person. My job is to make the real estate buying process that much simpler and as a real estate associate of HomeSmart, we are doing just that. Our company prides ourselves in staying on the cutting edge of technology and if you select me as your Realtor, you will receive all of this and more.
Do you need a referral? If you intend to purchase or sell real estate in another state I have a trusted network of agents around the country and can pconnect you a trusted out of state agent. You could never find a more dedicated, energetic or focused agent to represent you. Feel free to give me a call at 443-896-6946 for a no obligation assessment of your needs.
