This past week I have been in the process of moving across town. I have found that something interesting happens during a move - things surface that I haven't seen for years! The other day I was sifting through books, and came across a paperback with interest rates and mortgage payment tables.
A blast from the past in general, because nowadays we just get online to a quick mortgage calculator and plug in your numbers, click, and there is your 30 year amortization table as quick as a wink.
I did a double take as I checked out this book that had been my handy resource in the past. It contained interest rate tables with the LOWEST interest rate of 10%, all the way up to 22%! It stunned me for a minute, and my mind went back to those good old days.
When we bought our first house in 1979, a friend of mind commented that he was going to wait until the rates went down before buying. I thought of him often over the next few years as rates soared up to 20%.
The thought that struck me was that we are infinitely better off today than when we were in a period of interest rates approaching 20%, while doing business with paper back loan tables instead of efficient high tech resources.
I have recently heard grumblings and warnings about interest rates rising above (GASP!) 6%. Come on, let's put things in perspective! I'll even loan you my old paperback for a quick reality check. This REALLY is a great time to be a home buyer. Historically low interest rates and market-adjusted home prices make for great values. Give me a call if I can help you obtain your piece of the American Dream!
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS 208.651.9700 NorthIdahoJanna@gmail.com
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
Janna, well, that explains where you have been. Did you move as in new house? Or new office?
That really was a blast from the past...
Janna,
I agree it's all about perspective the consumers have it baked into their minds that interest rates edging above 6 is high because they haven't seen those kind of rates in years.
The unfortuante part is that higher interest rates even though still unbelieably low are killing deals for me.
Oh yeah, I forgot, nice to see you back on the rain! Thanks for sticking it out with my referral client I know it's a tough one.
Andrea - It has been a busy swirlof life and activity. Moved, as in a new house, lots going on, grandkids in town for a week, business really firing up, it's all good, but no time to dance in the Rain!
Brian - It IS all about perspective! And your referral is providing me with a valuable education, which I appreciate, even if that's all that comes of it.
Janna
I remember all too well those days of being on a cloud when my clients got an unbelievably low rate of 10%!
Janna congrats on your new home! Be sure to posts pics.
Also I began in 1987 and we used to buy fha assumable homes. The thought back the was any interest rate lower than 10% was a smoking deal.
Now the big news yeterday in a CRB couse....rates up to 5.3. Whatever!