Interest Rates Remain Low, But For How Long?

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The interest rate you pay on your home mortgage has a direct impact on your monthly payment; The higher the rate, the greater your payment will be. That is why it is important to look at where the experts believe rates are headed when deciding to buy now or wait until next year.

The 30-year fixed mortgage rate has fallen half a percentage point since the beginning of the year and has remained at or below 3.5% for the last 11 weeks according to Freddie Mac’s Primary Mortgage Market Survey.

The chart below shows how far rates have fallen this year (on the left), and uses an average of the projections from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and National Association of Realtors (on the right). As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

rates
How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.0% over the last year and are predicted to be 5.4% higher next year. If both the predictions of home prices and interest rate increases become a reality, families will wind up paying considerably more for their next home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth. We suggest you meet with a Newcastle Realty broker to evaluate your ability to purchase your dream home. Click here or call us today at 207-563-1003!

Featured Property – 49 Mills Road, Newcastle

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White Rear Outside
This classic 1870’s Victorian has been well cared for and is situated on a corner lot that is just a short walk to downtown Newcastle and Damariscotta. 

The 2,500 square foot home offers nine rooms, including a formal living room with gas stove, a dining room, farmers kitchen, and study. There is a master bedroom on the first floor, and two bedrooms, another study, and a music room on the second floor.

Nicely situated on a half acre overlooking fields and woods. Click here for more info, or call us at 207-563-1003 to view this property today!

What Does a Successful REALTOR Look Like?

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Are you seeking help with real estate? When it comes to agents, there are a lot of choices out there, and making the right connection can ensure a successful outcome for you. Here are some things to consider:

Passion

Passion is one trait that the most successful leaders in every industry share. The brokers at Newcastle Realty share a passion for connecting people and homes, which make them the kind of REALTOR that customers recommend and return to time and again.

Attention to Detail

An effective agent needs to have all the answers and they need to have them fast. Attention to detail is not just for contract negotiations, it is for all aspects of the marketing, the search, and the eventual sale. Newcastle Realty brokers are always focused on the details.

Persistence

Our brokers have combined experience of over 100 years in the business, and are a tenacious bunch when it comes to serving clients. Add a dose of competitive spirit, and you get a persistent desire to deliver exactly what each client wants.

Curiosity

A successful broker never stops learning. Our brokers have to know about trends, technologies, marketing, finance, and so much more. Keeping up with these topics requires intellectual curiosity, which combines with persistence to create a super qualified real estate agent, just like those at Newcastle Realty.

Choose a Newcastle Realty broker

Work with one of our brokers and you will get the best of everything–someone who will work hard to help you achieve your real estate goals quickly!

 

Introducing Home Staging Services

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In cooperation with Brittany Morgan Bardo of Alna, we are pleased to introduce the availability of expert home staging services to benefit our clients. Bardo, who is available for consultations and recommendations, has an extensive background in interior and exterior design and has built, bought, and sold several homes over the years.

Brittney is extremely pleasant and has a unique gift; she fully understands how to use colors, fabrics, and tastefully selected furnishings to make one room or an entire home more appealing to buyers—and that means we can put homes under contract sooner and for the highest possible price. She maintains an inventory of furnishings that can be deployed for photo shoots or showings, using a few items to accent a room, or completely furnishing a home as she did recently at The Standard, where we are marketing three new water view condominium units.

Here is what Brittany has to say. “Home staging is the art of visual merchandising, marketing, and using decorating techniques to create a pleasing environment that buyers feel at home in and want to stay in and own. Also, it is often hard for a homeowner to see their own home through the eyes of a potential buyer, but if they are committed to getting their best price quickly, I can help them stage, neutralize and declutter so prospects can actually envision the space as their own—which can lead to an offer. That helps both the seller and buyer reach their goals, and everyone walks away from the transaction happy.”

Contact a Newcastle Realty broker to learn more about how our Home Staging Services can help you get the best price for your home quickly.