Forsyth County GA Mortgage Interest Rates: Another Surprise
It usually takes at least some digging to come up with relevant news for Forsyth County GA real estate watchers. Last week provided an exception.
The boldest headlines, cable TV info crawls, and email announcements dealt with the unexpected move in mortgage interest rates. The welcome news for Forsyth County GA home sellers and prospective buyers came with Freddie Mac’s midweek announcement that the benchmark 30-year mortgage rate had fallen to 3.97% “for the first time since November.”
Beneath the “Mortgage Rates Tumble Below 4 Percent” headline, the quasi-government site elaborated on the importance of the move. The drop had pierced “the psychologically important 4 percent level.” Freddie doesn’t usually delve into psychology, but in this case, it was well warranted. Locally, Forsyth County GA mortgage interest rates had been expected to trace a slow but steady rise, paralleling the Federal Reserve’s announced intention to nudge bank borrowing rates upward. Last month, after the Fed did exactly that, Forsyth County GA mortgage interest rates behaved as expected, tiptoeing upward.
Of course, since higher lending rates mean buyers experience higher monthly payments, that could presage less real estate activity. But since the Fed was expected to continue with two or three more Fed funds rate hikes in 2017, the opposite had been expected. More likely, prospective homebuyers would appreciate that the 4+% rates were still lower than average—and want to take advantage of them before they moved higher.
And in fact, by Friday the NAR’s Realtor® website could confirm that U.S. “Existing-Home Sales Jumped 4.4% in March.” The spring selling season was off to a robust start, chalking up the strongest month of sales in a decade. That was all well and fine, but how to explain the drop in mortgage interest rates?
Some informed opinions had it that world financial markets were queasy about an election in France, so capital was seeking safety (real estate lending fits the bill). When lenders have lots of investors sending cash into their coffers, rates get competitive. Others saw signs that the Fed might once again fail to follow through on future rate hike promises.
As for the most important takeaway—namely, what should local buyers and sellers expect for the immediate future of mortgage interest rates in Forsyth County GA, prognosticators were saying things like, “it’s important not to over-interpret” the latest news. Translation: “It’s anyone’s guess.”
One thing that is certain: we’re again seeing absolutely terrific Forsyth County mortgage interest rates!
For potential buyers and sellers who choose to take advantage of that window, the way to get started is as easy as giving me a call!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
Was Your Home a Good Investment? Use this Calculator to See
I spend my days showing homes for sale in Cumming, GA in South Forsyth county GA and I speak to homeowners every week who are shocked to find out that their home is not worth what they thought it was.
“But I paid $…”
On the other hand, values in our local market have really held strong when compared to the national average so others are pleasantly surprised. It really just depends on a combination of location, date of purchase and updates/upgrades that have been made over the years.
Are you wondering if buying your home was a good investment? You can use this Calculator from CNN Money to find out.
Want an up-to-date market value analysis of your home? Just use this form to provide a bit of info and I’ll share my expertise with you for FREE!
Want to know why you need a CMA or market value analysis before you decide to sell?
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
How Should a Seller Respond to A Low Ball Offer?
“STOP now, before you lose a sale!”
You just received an offer on your home and you are ecstatic…. Until you really look at it closely and see that the amount is significantly lower than your asking price. How should you respond?
For most sellers, receiving what they consider to be a low ball offer generates an immediate and, usually, very negative response. For many that response is “This is ridiculous. I’m not even going to reply!” But, any seasoned real estate agent will tell you “STOP now, before you lose a sale!”
Before you choose to ignore any offer on your property you must first stop to think that a written offer means that there is a person who is seriously interested in buying your home and a responding counter offer may well turn that low price offer into a sale with a bit of strategic negotiation.
In the current market climate I make every effort to prepare my home seller clients for this possibility. In some cases a buyer is just “fishing” to see how motivated a seller is. In others, they simply have the misconception that all areas have suffered the same level of market downturn they hear the media harp on day in and day out.
Stop and Think
No matter how low, all purchase offers deserve a response. In some cases this may be a counteroffer in others it may be an outright rejection. In order to determine which way is best in your situation, you will need to check your emotions and deal strictly with the facts. A frank discussion with your real estate agent will help you determine the ways in which you can respond and still keep the negotiations open. Keep in mind: At the end of the day, it is your goal to sell your home so you, and your agent, must make every effort to progress the negotiations if possible.
Make a Counteroffer
A counteroffer signals to the buyer that you are willing to negotiate. Curb the instinct to respond at full price. While real estate “feels” very emotional, in the end, it is a business transaction and the best response is usually a reasonable response.
In most cases, the best strategy is to determine a price and terms that you would willingly accept and respond accordingly. This may mean lowering your price and removing any seller concessions (such as paying closing costs) or it may mean sticking to your price, but giving in on a few of the buyer’s requests (such as leaving behind the appliances).
Review Recent Changes in the Market
A seasoned agent constantly monitors the local market and should be providing you with market updates throughout your listing period. If you are unsure, ask your agent to provide you with an up-to-date CMA so you can see which comparable homes in the area have sold since your home was listed or if any new properties have been listed for sale. In a volatile real estate market, this data is very important as not only the sale price, but the appraisal price may be affected. Keep in mind: If the new CMA determines a lower price based on the changes in the market (recent comps), you might be forced to lower your price in order to sell.
Have Your “People” Call My “People”
In most cases, the selling agent knows why the Buyer made a very low offer so ask your agent to call them. A buyer’s agent cannot necessarily speak to “motivation”, but if the buyers are using a different set of comps, your agent should be able to get a copy of them for you. If it is simply a situation in which the buyer can’t really afford what he/she wants and is hoping for a desperation sale, then you can feel justified in rejecting the offer and moving on with no aditional wasted time or effort. Basically, you won’t know unless you ask and information is king when negotiating a sale.
In today’s real estate climate low offers are more often a “sign of the times” than an actual statement about the quality or value of your home. However, buyers now have access to real estate listings online and most are aware that certain circumstances may make a seller more receptive to a low offer. If your home is vacant or if the wording in your MLS listing signals desperation (motivated seller, seller says bring all offers) you are much more likely to receive a lowball offer.
If at all possible, try to make your home presentable and reduce any obvious clues that you are overly motivated and the next offer you receive might be more what you have in mind.
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