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The biggest question I’m getting from both buyers and sellers is, “Will my closing still take place as planned?” The answer is yes; closing attorneys are still closing, closing lenders are still lending, home inspectors are still inspecting, and termite inspectors are still doing their work as well. Everything is still operating as normal.
That being said, if for whatever reason you can’t make your closing, there are two options available to get the paperwork signed:
- Power of attorney. Identify either a family member or someone in our real estate office who can be legally authorized to sign for you. That person will give you the closing statement ahead of time so you can review it, making sure it’s what you thought it’d be.
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Rates have settled back into the 3% to 3.5% range.
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- Mail away. We can send you the documents from the attorney overnight, and then you’ll have to find someone who can notarize them for you. You’ll sign them, then mail them back. This option can be a tad trickier, so if you can, opt for No. 1.
The other question I’m hearing a lot is, “What are interest rates doing?” Several weeks ago I told you about rates dropping below 3% across the board. Well, that nationwide news sparked a lot of activity, and many folks rushed to refinance. That sheer volume of refinancers drove rates up for a while, but now they’ve begun to settle back down and we’re seeing rates in the 3% to 3.5% range.
What about new construction? Builders are holding prices pretty steady for floor plans already on the ground, though we don’t expect prices to go down due to our market’s limited inventory. We expect that builders will increase prices during the next round of construction because the cost of building has gone up. Get the contract for your custom-built home signed immediately so you can lock in a palatable price.
If you have more questions about what’s going on in our market, or if you’re interested in buying or selling but are unsure how to navigate the current situation, reach out to us anytime. We’re always here for you.