This was by far the most “wintery” week we’ve had in a long time, however it doesn’t appear to have slowed the market down at all. Most agents still are saying there is a reasonable amount of activity out there. Many said they’ve been busy with listing appointments and many have been also showing properties. Who knows why it is this active for the deep freeze in the middle of January, but I’m sure going to take advantage of it!
Interest rates are still low and steady with no change in the federal prime rate this week. Many of my inquiries the past month or so from potential clients have been about refinancing an existing mortgage, before renewal in order to take advantage of lower interest rates. In most situations it makes sense however it all boils down to how long our rates are going to stay low. Most people are willing to pay a bit to break their existing 3.50%-4.50% mortgage in order to guarantee 2.99% for the next 5 years. Many have been keeping their payments the same as they were before, but working hard on paying down the principal by shortening the amortization. If you or anyone you know would like to run numbers based on your own situation, I’m just a phone call away.
No surprises this weekend for my “schedule”……hockey hockey hockey. I will welcome the opportunity to speak with you or any of your potential or existing clients so feel free to call me anytime.