Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
If you’ve ever had the kind of neighbor who is apt to borrow something (like your hedge trimmer), only to later complain about how it performed, you know how much patience it takes to hold your tongue. The Mortgage Bankers Association would be justified if they felt that way about me: I read their website, and sometimes quote it in posts about current Rehoboth Beach mortgage rates—but it sure makes for dull reading!
Anyway, with apologies to their (undoubtedly hard-working) writing staff, last week’s blog about national mortgage rates was as numbers-heavy as usual, yet still held a contradiction…but one that actually makes perfect sense. It also flags what could be seen as a bellwether that Rehoboth Beach home buyers and sellers would be hard-pressed to ignore.
The apparent contradiction was that mortgage rates were on the increase: national mortgage rates for 30-year fixed loans rose to 4.17%, which is the highest they’ve been since November. This is for conforming loans; the jumbos (greater than $417,000) went north as well, up to 4.15%.
As everyone knows, low mortgage interest rates are terrific for our Rehoboth Beach residential home sales. The low monthly payments that they create make homeownership more affordable for a greater number of buyers. So when rates increase and monthly payments go up, it should create a drag on the market. The apparent contradiction in the MBA release was that the increase in rates was accompanied by an increase in mortgage applications. And it was a big one: up 8.4% from the week before.
Most commentators were united about the phenomenon, and it’s hard to disagree. In addition to the natural surge that comes with the season (spring and summer are always expected to be quite active), consumers are seeing the uptick in mortgage rates and suspecting that rates will head higher. That’s nudging them to action, causing them to jump in now, while rates are still attractive—especially compared with historical averages.
CNBC’s Diana Olick agreed that such sharp increases actually help the home-buying market. She quotes one lender’s take about the buyers: “They understand that ‘wait a minute, rates are at an all-time low, let’s react now, let’s react before they go higher.’”
It’s far from a certainty that rates will continue to take off. Lots of us remember last year, when almost all the experts predicted a rise, yet mortgage interest rates headed in the opposite direction…and stayed there! But you can hardly blame area buyers if they go with the national trend and decide that locking in today’s rates is a prudent move: it’s a bird in the hand.
If you have been thinking along the same lines, I hope you will give me a Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
Virtual tours in Sussex County can be potent selling tool. To make the best use of those tools, it’s important to prepare your home with the special requirements of the medium in mind. How doing so differs from prepping for in-the-flesh showings is a subtle but real distinction. Some photographers use a couple of tricks:
Close One Eye
Virtual tours are assemblages of still or video shots —raw material that is all filtered through the single lens of a camera. When anyone walks through a home, they do so with both eyes open. They experience a three-dimensional impression of their surroundings.
What the “camera sees” is different — it’s why some people and places are said to be more “photogenic” than others. It’s also why you sometimes see a film director examining the next shot through a single-lens viewfinder — he’s viewing the set the way the camera will. The quickest way to start seeing what your virtual tour will convey is to simply close one eye. Strange but true, when you stand back and view each room that way, you get a two-dimensional (flat) version of what’s there.
Snap a Test Shot
After you have arranged a room to look pleasing in a one-eyed view, take an actual test shot, then view it critically. You will probably notice how the camera lens picks up and seems to magnify any flaws that were less apparent before. You’ll want to -
The goal of virtual tours is to show a comprehensive view of the subject properties, inside and out — a view that will ignite the imaginations of potential buyers. The importance of Sussex County virtual tours can’t be overemphasized! The buyers (and they are out there!) will be busier than usual. Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.