In 2007, interest rates fluctuated between 5.87% and 7% for a 30 year mortgage. With gas hitting $3.00+ per gallon during the fall/winter, many Buyers were hesitant when making decisions about purchasing a home. Several sellers I represented agreed to pretty hefty price-reductions to encourage showings in the hopes of receiving an offer on their property.
Even with the fallout from the mortgage crisis, I ended up exceeding my 2007 goals. My final numbers for 2007 are 44 sides of transactions (goal of 40) and $4.3 Million in Sales (goal of $4.0 Million) ...which now leads me to set my goals for 2008.
Right now, interest rates are at their lowest since around 2002; many Buyers realize this translates to good buying conditions, and are moving back into the market. A 15 year mortgage is hanging around 4.875% and the 30 year at 5.5%. More than ever, individual credit scores will indicate costs associated with getting a mortgage. The better the credit score, the less the closing costs will be on a purchase.
With the current low interest rates and a lingering surplus of homes in the area, my goal for 2008 is 50 sides of transactions and $4.8 Million in sales.
Again, for each property I sell, I am committed to sponsoring one child for a year of schooling in Honduras, on behalf of my clients. In the three short years since I've begun participating in the ProPapa Scholarship Program, my clients have helped me to place 108 students into a classroom in Urraco, Honduras.
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