Keowee Expert Blog Another Stay-at-Home Week
Another week under a stay-at-home order is having an effect on our Lake Keowee real estate market. Tours of Lake Keowee homes and lots have slowed in an effort to keep everyone safe, but haven’t stopped completely. We’ve been able to put a Lake Keowee home and a rental complex under contract over the past week and we’ve managed to finagle a few tours of the Keowee homes we have listed. In our dealings with folks we’ve implemented the 6 foot rule along with wearing a mask and wiping commonly touched areas (door handles, hand rails, etc.) down with strong disinfectant. An ounce of prevention is better than a pound of cure! You know the good thing about this is we will probably see a slowing down of the spread of things like the flu that are typically spread through close contact (I’ve not seen any mention of this, just seems likely). I expect it willalso change several behaviors dramatically, such as shaking hands. When is the next time you will feel OK with shaking a complete stranger’s hand? I digress….back to Lake Keowee real estate! The amount of views we are getting on our Lake Keowee listings per the myriad of places they are exposed continues to be strong. Lots of folks are taking time to watch the video walk-throughs, aerial videos and 360 degree videos. For the home we recently listed at 164 Harbour Point in Six Mile we’ve already seen 729 views and 20 saves per Zillow. Once the Governor releases the hounds, we expect that one and many others to go under contract quickly. Hopefully, all of y’all are staying safe! Keep it up, this will all be a weird memory before we know it!
A Critical Guide to Home Loans:
Which loan is right for you?
Fixed-Rate Mortgages – People usually opt for a fixed-rate loan for the security it offers. You know exactly what you’ll be paying each month for the life of the loan. If interest rates fall, you can refinance at a lower rate. Lenders are offering more loan programs based on fixed rates, such as lower down payments – that is, five percent down or less. Adjustable rate loans generally require a larger down payment. the most common fixed-rate loans are for terms of 15 or 30 years. If you can afford the sorter term, it’s a good way to build equity fast and save tens of thousands of dollars over the life of the loan. (However, I can show you how it will be a more savvy move to go with a 30 year fixed and pay an extra payment each month above and beyond your established mortgage payment. Just be sure to indicate your extra payment is for principal paydown only, not interest.This way you could even pay off your mortgage sooner than 15 years and save tens of thousands of dollars. You also have the “safety net” of paying your lower established mortgage payment should get tight one month.)
Let’s say you make a good salary working for a large company. You’re comfortable ad job security is pretty good, but there’s not much chance of further advancement. In other words, you don’t anticipate moving anywhere else in the foreseeable future, and you want to avoid the possibility of higher house payments down the road.
A fixed-rate, long-term mortgage makes sense in this situation. Although you’re probably paying one to two percentage points more than an adjustable loan, you also have the security of a fixed payment each month. And if interest rates drop three or more points, you can refinance at the lower rate.
More next week….
Check out the Lake Keowee Real Estate numbers for the year
Lake Keowee Area News Corner