I got this email from one of my lenders recently and thought it worth sharing.
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Hello Ms. Nadeau,
I noticed that you had a price reduction on a condo in Colonial Condos. I wanted to send you this note to share with your buyers about the “danger” of waiting for home prices to fall.
This winter, many lenders have had to tighten their guidelines. This, with rising rates, has hurt many prospective buyers who were waiting for homes to become “more affordable.”
For example:
2 bd, 1/2 ba Condo listed on 1/26 for $172,500
Conventional Loan options available on 1/26
0% down, rate of 6.50% = $1092/mo
3% down, rate of 5.75% = $977/mo
5% down, rate of 5.5% = $931/mo
Price reduced on 3/11 to $169,000
Conventional Loan options available on 3/11
0% down…..NOT AVAILABLE
3% down, rate of 6.25% = $1010/mo
5% down, rate of 5.875% = $950 / mo
As your mortgage Advisor, I beg you to get the word out….”BUY NOW”
Sue Ryan
Coldwell Banker Mortgage
802-318-0823
