#1 Thing Needed for Buyers---Lower Interest Rates

Well, it's finally happened!!! Rates below 6%. Now let's hope it stays there for some amount of time......if so we could see what was needed...a gradual increase again in the real estate market. We talked about the basic numbers on this at www.InvestSmarter.com where we know based on figures, we are looking for the minimum monthly payment people can pay, so this helps. The Panama City Condo market will continue to remain strong and the article below does help us some on what we are needing in this ever changing real estate market:

Daily Real Estate News September 12, 2008Mortgage Rates Drop Below 6% For the first time since early spring, mortgage rates have fallen below the 6-percent threshold. Freddie Mac reports that 30-year fixed loans came in at an average of 5.93 percent this week, down from 6.35 percent a week ago and 6.31 percent at the same time last year. A borrower taking out a $200,000 mortgage at 5.93 percent would pay $1,190 for monthly principal and interest payments, which is $54 less than the payments on last week's rate. "Consumers see a five in front of mortgages, and they get excited," says Keith Gumbinger, a vice president at research firm HSH Associates. Source: The Washington Post, Dina ElBoghdady (09/12/08)

There is help out there. The key is taking what you can pay, subtracting the association fees, the taxes, and content insurance and seeing what's remaining. From that you know what you can afford to borrow. The Panama City Condo market is like any other business transaction....the only difference is there is the occasional benefit of renting the unit out to offset that income. Just make sure that you can handle the down turn in the market if there is one and no renters coming in. Try to base it on what you can afford and then the rest is just extra!!

For more real estate in the Panama City Condo market or even the Destin Condo market, please visit www.RandBCoastalRealEstate.com today!