According to Freddie Mac, mortgage interest rates in 2020 have hit record lows for the 14th time this year.
Better yet, low mortgage rates are likely to stay at or near record levels through 2021.
So, what does this mean for you if you’re interested in Lake Sinclair or Lake Oconee Real Estate?
First, buyers have increased buying power.
Having great borrowing power allows you to purchase a higher-value piece of property while paying significantly less interest. If you’re looking for your dream home, improved interest rates can help you turn this into a reality.
Second, lower monthly payments as a homeowner.
If interested in doing a refinance, you can save hundreds each month on your payments.
Suppose you’re interested in buying a home with rental potential. In that case, your monthly payments will be lower. At the same time, the demand for property at Lake Oconee and Lake Sinclair has never been higher.
You can get a prime piece of lakefront Real Estate at an improved value and have the droves of potential renters we chat with weekly ready to rent.
Third, you can grab an asset that is going to climb in value long-term. Aas private lakefront access, lots continue to sell, lakefront values will continue to rise.
This is supply and demand and work. As fewer lots with private frontage become available, the more demand they will become, meaning values and prices will rise. As an investment, getting lakefront property while it’s available allows you to stay ahead of the curb and grab a hard asset that’s likely to continue gaining value long-term.
And demand is likely to continue climbing due to the changing work-landscape brought on by COVID as more people than ever are working and living from their lake homes.
Fourth, it’s a great time to buy or sell. The demand for lakefront property is at an all-time high. Inventory is low, meaning prices have been and are likely to continue increasing, which has created a seller’s market. But because buying power is at an all-time high, many buyers are willing to meet sellers’ demands.
So, what does this mean going forward?
The lake country is going to continue growing. Across the county, vacation markets have been thriving all through 2020 due to the US economy’s changing landscape, COVID, and millions now working from home.
We expect both Lake Oconee and Lake Sinclair to continue being in high demand. With all-time low-interest rates, this is the perfect time to grab your dream lakefront property, as demand and competition are only likely to increase.
As for sellers, record-setting demand has left our phones ringing off the hook since April. If you’re looking to sell your home, we’d love to discuss offering you the world-class service that has made Kim and Lin Logan the top-selling Lake Oconee Real Estate Team since 2008.
Give us a call at your earliest convenience: 706-338-0757