Mortgage Interest rates quoted for my clients buying a home in Durham this week are back to the low 4% range - something we haven't seen since last Spring. The Durham Real Estate Market is continuing to be one where the homes in the low $300,000 and $200,000 range are getting lots of activity.
For home buyers in Durham who are using a FHA or VA mortgage loan, mortgage interest rates that were quoted this week are in the 3.75% range, again, something we haven't seen the last 3 or 4 months. This is all really good news for those who are buying a home in Durham AND home SELLERS in the Durham, Chapel Hill, Cary real estate market.
Why do Sellers care about mortgage interest rates? For homes in the "First Time Home Buyer" price range - mortgage interest rates are an important factor when calculating when the right time to sell is - to get the best price. Every 1% DROP in mortgage rates opens up the opportunity for more buyers to be able to afford to buy your home, at the best price.
The Durham Parade of Homes is coming up the first three weekends of October. It coincides with the Cary / Raleigh Parade of Homes. New Home Builders all over the Triangle open up their nicest new homes, and ask the community (and a distinguished panel of Judges from all over the Country) to judge the quality and creativity of their home building skills.
For the past several years, I've been one of the drivers for the Judges, an honor I enjoy. It gives me an opportunity to showcase Durham, and it gives me a chance to learn more about how our Builders stack up with new home builders in other areas of the Country.
It's been my experience that the Parade of Homes in Durham is an activator for folks who have been on the sidelines, thinking about buying a home in Durham, and for those who see the opportunity to sell a home. If you are one of those folks on the sidelines - especially if you are thinking about selling a home in Durham, Chapel Hill or Cary - I would tell you that with mortgage interest rates back into the best rates of all times... NOW is when you want to pull the trigger. There's going to be a lot of activity in the next few weeks in the Raleigh and Durham Real Estate market - and the best prices for homes will take a strong negotiator.
Considering a new home in Durham? Call Larry Tollen, Real Estate Agent in Durham NC with The Home Team at (919) 659-5173. I work with buyers every week who are looking for the best neighborhoods in Durham, and are buying a home in Durham. Start your search for homes now!
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