Shane Miller from On Q Financial is here today to discuss topics that have been coming up more frequently in both our spheres: Why are interest rates so low? Is it the right time to buy a home?
Well, today’s interest rate patterns have defied historical expectations—typically, rates follow what mortgage-backed securities do. The 10-year Treasury is still a good tool, but at the end of the day, things just aren’t happening in the way that they normally do.
So is now a good time to buy a home? Absolutely! The lower interest rates are, the more purchasing power a buyer has, and their monthly payments tend to be lower, as well. We’re finding that buyers are out in the market aggressively looking for properties because rates are so low.
“Buyer demand is so high that it’s outpacing the appraisers in our market.”
Shane and On Q Financial have been closing loans in an average of 30 days or fewer. However, appraisers are having a tough time at the moment because there simply aren’t that many of them. That means it might take a bit longer for appraisals to finish than usual in some cases, and if a loan does take longer than 30 days to close, it’s likely because of the appraisal. That just goes to show how active buyers have been in the market; there are only so many appraisers to meet the current demand!
If you have any questions about home loans or the financial aspect of buying a home, reach out to Shane at (864) 214-3579 or visit their website.
If you’re thinking about buying or selling a home, reach out to the Les Walden Real Estate Team. We’d be more than happy to help.
