When I think back on my real estate career, I cannot remember a time when the stars were so favorably aligned for getting both a fabulous deal AND an amazingly low mortgage rate. (Remembering back to my salad years of the mid- 1970’s, when prices took a drop then, mortgage rates were about 12-14%. The price drops of the early 1990’s saw mortgage rates of 8-10%. ) One of the advantages of being “older and wiser” is that I believe can recognize a great time to buy when I see one. And I’m seeing one now !
Like most other areas, the Eastern Shore of Virginia has been effected by the real estate downturn. We have had very few waterfront home foreclosures — attractive short sale opportunities have been more likely. Since a number of the folks who are purchasing waterfront and water access properties here are doing so for retirement purposes, a purchase here often necessitates a sale of their primary residence in another state. And as Sherlock Holmes would say, my dear Watson, it is elementary that therein problems may arise. Because, of course, many other areas have been quite hard hit and so selling a home elsewhere may take a while. The ” I need to sell my home first” phenomena has created a current situation where sellers who are motivated may accept offers which are very attractive from buyers who are ready and able to purchase without having to first sell a property elsewhere.
Combine a motivated seller with a ready and able buyer and voila ! a prescription exists for getting a great deal on purchasing a property here. Which, of course, explains why buyers who have already sold their home, or who are purchasing for leisure home use and therefore don’t have to sell something elsewhere, are finding some really, really attractive purchase opportunities ! Combine these great purchase prices with the amazingly low mortgage rates ( in the 5% range or even somewhat less) and you can clearly see why buyers are getting the deals of a lifetime, right here and right now !!! So whether you’re looking for a beach house, a boating property, a historic home, a water access home or a condo give us a call at (757-678-5200) for information about some of our latest and greatest deals on single family homes, condos or land parcels — it really is time to take advantage of the Eastern Shore of Virginia’s great real estate deals at today’s amazingly low mortgage rates !