Let’s get together and talk!
“Someone you care about will be selling their home soon. Please pass this email along, I’d be glad to sit down and talk with them…”
Todd
Office: (814) 231 – 8200 ext. 355
Cell: (814) 880 – 4427
toddcostello@remax.net
Critical Data and Rates
Active Listings: 192
Pending Listings: 185
Demand Rate: 96%
15 Year Mortgage Rate: 2.875%
30 Year Mortgage Rate: 3.25%
1. Demand Perspective…….by Product Type and Price Range.
Our markets overall Demand Rate which I provide each month offers a general sense of market conditions. Yet each of my clients properties must be reviewed in it’s own market segment. The assumption that the market is…”good or bad” is always wrong. The market is neither ” good nor bad”…the market always “is”.
Look at the Demand Rate of the first example above….200%.
Demand for single family homes in the State College School District priced between $250k – $350K…..OMG/WOW/EASY!!!
I’ll tell the 16 Active Sellers who’s properties have been on the market for an average of over 60 days (over 2 months), that selling in this price point is easy.
Do Not Assume. Call Me.
2. Need to Stay on (this) Topic…..Interest Rates.
No I did not see this coming. Election Year, Corona Virus????
At this moment…we need to take a break from the “noise and the why” and be aware of the “is”.
Last month I provided information on Interest Rates and Home Equity.
Current volatility in the world of finance requires we stay on this topic.
Here are some thoughts……you may want to consider.
1. I always hesitate to suggest Home Equity Loans to my clients and those I care about. But if you are carrying high interest Debt(credit cards/auto loans/school loans, etc), it may be worth talking with your lender and financial planner about this option.
2. Straight Refinance of your current Mortgage…..if you can lower your interest rate by 3/4 of a point or more and plan to remain in your home at least 3 more years, it may be worth talking with your lender and financial planner about this option.
3. A “cash out refinance”……refinancing your current mortgage and adding more to the balance you owe. The interest rate on a “cash out” refinance it typically higher than a straight refinance.
4. Refinancing to a 15 year mortgage from a 30 year mortgage? it may be worth talking with your lender and financial planner about this option.
Bottom Line……maybe your current mortgage rate and term is the best option right now.
Maybe it’s not. It is worth finding out.
This Month’s Prize Draw Winners
This month’s winners of a $25 Original Waffle Shop Gift Card are Brian Douglas, Edward Wickland, Andrea Sillner, William Kenyon
Next Month’s Prize
2 winners will each receive a $50 Gift Card to the Downtown State Theatre.
To enter the prize draw, you need to join my newsletter (bottom of the page) and then simply reply to the Monthly Value Message email that is sent.
“I could agree with you, but then we’d both be wrong.”
– Harvey Specter
Todd is honest, hard working, dependable, fiercely intelligent, and extremely knowledgeable of the residential real estate business.
I trust Todd’s professional expertise, experience and thorough knowledge of the State College real estate market when buying or selling. I wouldn’t use any other real estate agent.
You’re so good at keeping in touch, Todd.
Thanks!
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