Myrtle Beach Realtor Travis Muir put a condo up for sale in September at Blue Water Resort on Ocean Boulevard and within an hour, it was sold.
Not an every day occurrence, the realtor for The Hoffman Group admits. But, after all, it’s 2020 and anything can happen.
“The biggest thing is pricing it within realistic market price,” Muir said, adding 2020 has been his best year for sales, pushing nearly triple what he normally does.
“With this one being an investment property, the price point for the rate of return… I think one of the biggest things, too, is the interest rates are lower than they have been in a very long time. That gives people more incentive to go ahead and make that jump. They were thinking of buying in a two- or three-year window, but now with the interest rates so low, people are moving faster.”
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Posted: October 14, 2020 by [email protected]_84
Mortgage Rates Hit Record Lows but Applications Fell Flat
The volume of mortgage
applications dipped slightly last week. The Mortgage Bankers Association (MBA)
said its Market Composite Index, a measure of that volume, was down 0.7 percent
on a seasonally adjusted basis during the week ended October 9 and was 1
percent lower on an unadjusted basis.
The Refinance
Index slipped 0.3 percent from the previous week and was 44 percent higher than
the same week one year ago. The refinance share of mortgage activity increased
to 65.6 percent of total applications from 65.4 percent the previous week.
The seasonally
adjusted Purchase Index decreased 2 percent from one week earlier and 1 percent
unadjusted. The Index was 24 percent higher than the same week one year ago,
continuing a string of year-over-year gains that started during the week ended
May 22.
Refi Index vs 30yr Fixed
Purchase Index vs 30yr Fixed
“Mortgage
applications for refinances and home purchases both