Tallahassee Real Estate Blog

Overshooting to the Downside – it’s a term you’re likely to hear more and more around Tallahassee when buying or selling real estate.

What does it mean? It’s a fancy economist way of saying that housing prices might actually drop below what they should be because of low consumer confidence – an opposite but similar reaction to the last few years when prices rose too high on emotion.

If this is true, we will see a relatively quick and pronounced rebound in market prices when consumer confidence returns. Is Tallahassee real estate overshooting to the downside? Good question. You could make that argument, but no one knows for sure. What we could agree on is that Tallahassee real estate is a good buy right now!

Visit www.TallaHome.com for more Tallahassee real estate trends.

Tallahassee real estate Pop Quiz - Multiple Choice!  What's the lowest nationwide average 30-Year mortgage rate recorded by Freddie Mac? (Freddie Mac has been keeping records since 1971.)

A.  6.67%

B.  1.25%

C.  5.21%

According to Freddie Mac's Primary Mortgage Market Survey (PMMS), the lowest rate recorded was 5.21% for the weeks of June 13, 2003 and June 20, 2003. 

What was the highest recorded?  18.63% for the week of October 9, 1981.  That's not a misprint for those of you who aren't familiar with that time.  18.63%.  Plus you had to pay 2 points!  Wow!

This weeks Freddie Mac reported rate is 5.98%.  It goes without saying that we're a lot closer to the historic low than we are to the historic high.  It's a great time to buy!  

Check out all of www.TallaHome.com for more info!  

Are you looking for a mortgage lender in Tallahassee to purchase a great Tallahassee home?  We have a number of recommended lenders you can choose from - whether your a Tallahassee first time buyer, or a seasoned investor.  Call us - 850.445.2476.

Terance Keenan