Florence

We hear over and over that there is no credit available and that banks are not lending. There is a credit crunch! The news, both television and newspapers have stories of woe.

Speaking only of the Florence, SC market, all of my qualified clients have been able to quickly obtain mortgage commitments from both national, regional, and local banking institutions. With as little as zero percent to three and one-half percent down payment, there are numerous varieties of mortgage options.

First time home buyers, buyers moving up to larger housing, and the buyer looking to down size in Florence are all experiencing mortgage rates that equal or exceed HISTORICALLY LOW RATES. Currently, February 2009, 30 year mortgage rates are between 4.5% and 5% to the most qualified buyers. In 1982, I remember buying a house in Florence when prevailing rates were 16% – 18%. Keeping abreast of mortgage rates, options and terms allows me to help guide clients in the process of mortgage shopping in Florence.

My expertise is Florence real estate, not banking. As a first step in the process of buying a new home in Florence, I advise clients to begin talking to mortgage experts to become pre-qualified for a mortgage. This process is as important to the Realtor® as their client. We can then start looking for a home in Florence that fits the Buyers budget parameters and allows me, the Realtor®, more negotiating strength when we do find that perfect home.

Mortgage rates in Florence remain strong with very little devaluation. We have never experienced extreme increases and because we have a growing local economy we have yet to experience great decreases.

“Is now the right time to buy in Florence?” That question is frequently posed. Houses are selling in Florence, although it takes longer than in previous years, which means there is more inventory to select from. Available inventory and HISTORICALLY LOW MORTGAGE RATES make it a great opportunity to buy a home.