Mortgages rates are at an all time low and buyers are taking advantage of those rates to pick up their very own piece of beachfront realty. The spring season is the time of year when home sales in Topsail Island and other ocean front communities start jumping, and this year has been no exception with sales higher than they’ve been in more than five years.
During the recent housing slump, some personal and also investment buyers stuck around picking up cheap deals along the way, but the majority of buyers in the Topsail Island area, like the rest of the United States, held off in hopes of dramatically lower mortgage rates and falling home prices. But now, it seems that buyers are not willing to wait any longer as the economic recovery in resort areas specifically and the country in general is starting to pull out of the nosedive and gathering momentum on the upward climb.
Are Market Prices Really at Rock Bottom?
Nationally, market prices for homes are not at rock bottom according to real estate analysts but agents from local real estate companies like Treasure Realty, are finding that they may have already hit rock bottom in resort areas like Topsail Island. That’s because beach homes are a specialty market and when investors start noticing changes in the real estate market that could cause prices to climb, they start buying. Once sales start climbing, as they did in January and February, the prices of homes in the area will also start to rise and buyers will have lost the opportunity to buy at the low end.
Are Mortgage Prices at Rock Bottom?
This is a difficult question to answer, but many mortgage experts believe the rates currently being offered for mortgages are near the lowest we’ll see in this real estate decade. This means you can purchase a home today for less than you will likely be able to purchase that home six months or a year from now. Experts tend to agree that as soon as sales increase, mortgage rates may also start climbing too.
This is the Time to Buy Your Castle By The Sea
There are a large variety of homes currently listed with Treasure Realty in the Topsail Island area for sale at prices lower than they were when originally listed. That means deals for buyers and combine low prices with low mortgage rates and it means that you can find the deal of a lifetime on your dream home. Another key point to consider is that Topsail Island homes are unique because buyers can choose to purchase homes for personal use, for rental income or a combination of both. Many houses on Topsail Island book solid for the tourist months by December of the preceding year with rental incomes of $30,000, $40,000 even $50,000 per year.
Spring is the time of renewal. Trees start to bloom, flowers bud and bees fly around busily searching for that next source of nectar. If you’ve been looking for a home or even considering an investment property, now is the perfect time to invest in your dreams and your future.
Let Treasure Realty help you find the perfect home for your dreams. Call our friendly professionals today and we’ll be happy to answer your questions and assist you. 800-762-3961