There has never been a better time to purchase a wonderful mountain home in Cashiers, Highlands, Glenville, Sapphire or Lake Toxaway, NC. Why? The stability of homeowners in this area has historically been rock solid. There is now evidence of INstability in some areas, of financial deterioration. The evidence is shown in the upward spiral of properties that are foreclosures or short sales. As a side effect, the foreclosures have forced sales prices down somewhat to a very affordable level for most folks. Although these distressed sale properties are bad news for the people who are the former owners, they really represent opportunity for those who have money to invest. The investment can be for personal enjoyment or could be held for several years to become a great re-sale property. We must also realize that the amount of foreclosures and short sales in our beautiful mountain area is NOTHING compared to metropolitan areas hard hit by down-sizing companies and other dilemmas being experienced by our larger employers. So, be sure to ask your favorite realtor (and I hope that’s me!) about foreclosures and short sales in the Highlands/Cashiers area to find the best deals around for mountain properties!!
For those people who are still under the impression that it’s best to wait before making a property purchase (whether it’s a home or vacant land), think again. The Fed is discontinuing their purchase of mortgage-backed securities, effective 3/31/2010. What does that mean for those of us that intend to borrow money to close on a home or land? It means that interest rates ARE GOING TO RISE.
The Federal Government has been involved in purchasing mortgage-backed securities for the past while in order to be able to stabilize interest rates and the housing market in general.
Most MBSs are issued by Ginnie Mae or Fannie Mae or Freddie Mac, which are US government -sponsored enterprises. Ginnie Mae guarantees that investors receive timely payments. Fannie Mae and Freddie Mac also provide certain guarantees and have special authority to borrow from the US Treasury.
If you’ve been considering the purchase of property, the time is NOW. Most real estate is going to be the highest priced investment any of us make. Add an extra percent or percent and a half to the cost of the property. Now, you have an additional investment of potentially hundreds of thousands of dollars over time.
An investment in Cashiers homes and land, Highlands Homes and Land or Lake Toxaway Homes and Land is still one of the best investments anyone can make.
Contact Merry Soellner, your Cashiers, Highlands Real Estate Professional for information on YOUR property purchase! Call 828 399 1580.