MARKET ALERT: Buyers running against rising mortgage rates.

Tuesday, July 02, 2013

Punta Gorda, Fl. Wiser buyers are getting out of the comfort zone and racing against the clock to have their deals closed ASAP. All because mortgage rates went up 0.53% in just one week, leaving some buyers that were qualified just a few days ago, not able to meet lending requirements to close anymore.

According to Freddie Mac, this new jump in rates is the highest in 26 years.
"If the tendency on the rise continues, it will bring instant effect on the market, affecting more lower income, new construction and first time home buyers" said real estate agent Fernando Pettineroli. "The real estate market depends on cheap access to credit, and higher rates will directly impact those that need it the most" said Pettineroli in Punta Gorda, Florida.
In Southwest Florida, property continue to be way below the 2006 top values (about 33 % less in average) and there is plenty of supply of good listings for all budgets.

Got money, buy now.

 "The best deals are right now on the highest end of the market and you will be surprised of what you can get with a good wallet" expressed Pettineroli, a listing agent with Keller Williams. Like this fantastic country estate on 10 acres, for $ 569,000.00. With airfield access, guest house, polynesian pool and totally fenced for privacy. Private pond and lots of space for your horses.
Or this new built home on the Punta Gorda Historic District for just $ 450,000.00. With view to the Charlotte Harbor and all the goodies of metro life.

Even the beach access properties continue to be a good alternative, like this beach house in Manasota Key for less than a milion. Direct Lemon Bay Intracoastal access, dock for multiple boats and amazing views.

Short sales continue to be an option for those looking for a good deal. Take for example this estate size home in Burnt Store Lakes for only $ 219,000.

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