Clearwater Florida – The Federal Reserve today took swift and decisive action to send a clear message to the stock market while also giving a gift to home buyers because it slashed interest rates by 75 basis points from 4.25% to 3.5%. This is the biggest cut in over 24 years and should help our Clearwater real estate market along with the Tampa mortgage industry.
It’s a Great time to buy Real Estate in Clearwater
The good news is that for all of us with money in the market it reacted positively to this news. So for all those Clearwater home buyers trying to decide if now is a good time to buy, I would say, “YES” since we have low rates and there is still a large number of motivated sellers which makes it a great time to lock in.
Today, we had a home buyer close on their FHA loan and get into their new house and they were able to buy this home because of the down-payment assistance and the seller paid closing costs and prepaids 🙂
Our Clearwater home buyers actually ended up with a 30 year home loan with a 6.25% fixed interest rate and even got over $100+ back at closing. I wish I could say that is normal but it’s not.
It’s the result of having dedicated buyer’s agents like us negotiating for the home buyer and also the fact that there are Clearwater sellers who want to get out from under the monthly cost of ownership.
In this particular case the home seller had completely remodeled this house and expressed his frustration at the closing table because not only did he not make money on this home and after putting in hundreds of hours of work he realized he had actually spent more money on repairs and renovations than he netted at the settlement table.
I really felt for him, we’ve known other home sellers in the same situation and it’s a bummer however, it was an incredible gift and fresh start for the family who bought his home.
So if you’d like to learn are thinking about buying a home and want more info about getting pre-qualified for Clearwater Mortgages and Home Loans – call us or email us and we can recommend proven local Lenders.
Articles about today’s rate cut by the Federal Reserve
- The Official Federal Reserve’s Press Release
- Fed cuts rates 75 basis points in emergency move – by Marketwatch from Dow Jones
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The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Clearwater Florida Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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