Interest rates in Scottsdale are truly remarkable this month.
Jay Thompson, aka “The Phoenix Real Estate Guy”, published an update to his interest rate chart a couple days ago showing interest rates at 4%, the lowest rates in the 40 years tracked here by FreddieMac.
Personally I can share that the last two contracts I received for listings now under contract had “not to exceed rates” quoted at 4.25% and 4.375%. One was an FHA loan, and the other was conventional.
Really quite amazing and one of the reasons that buyers are still out looking for homes and writing contracts during the last two weeks of December. This is typically a pretty quiet time of the year for real estate in Scottsdale, but not this year.
And as I shared last week, Phoenix area real estate agents are very optimistic about the coming months. And if you’d like to get a better handle on what’s going in the world of home finance nationally, I recommend The Mortgage Reports by Dan Green.
The consensus from my Mastermind meeting yesterday was that 2012 is going to be a strong year in real estate, and the lenders present didn’t really see much of an increase in interest rates, until after the election. Another agent mentioned that he’d listed a record number of homes in December. With the low interest rates, minimal home inventory, and voracious home buyer demand, I do believe that the first half of 2012 will be quite remarkable.
All we need are more homes to sell.
So, if you’ve been thinking about listing your house, and need a market update, just call or email. It’s a complimentary service, and will give you info you need to decide whether now is a good time for you to sell.
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