SAVANNAH, Ga. (WSAV) – Tommy Danos tells me he’s been selling real estate for 25 years and we are “still in a peak right now.”
That may be good to know for any potential buyers who are finding themselves a little nervous after the president on Friday seemed o be picking a fight with the head of the Federal Reserve. It’s adding a bit of fuel to a fire already burning regarding fears about President Trump’s tariffs and whether it will all cause a recession or at least a slowing down of the economy.
Danos, who is the president of the Savannah Area Realtors, says he just wants to remind buyers locally of what is happening now, i.e. that interest rates were lowered last month. “People are looking to take advantage of the low-interest rates you know historically right now it’s unbelievable, even before this recent drop,” he says.
Danos says things right now are good. Figures from the Board of Realtors says 2018 homes sold in July of 2018 and in July of this year, it was a bit higher at 748 homes.
Danos says some buyers are able to get mortgages even lower than four percent. “Depending on the kind of rate and your credit score, some may be getting 3.5 percent or 3.75 percent. Those are great numbers,” he said.
He says the lower the rate, the nicer the house. “So now people that have been poised and ready to buy can do so because it allows them to buy more house now with (these lower) rates,” says Danos.
He says inventory is getting lower so in some areas it’s now a “seller’s market”. Still, he says a savvy buyer who is ready to make an offer can still do well.
He reminded me that in the 1970’s and 1980’s, rates were more than twice as high. So again, he says a four percent mortgage is a great deal for any buyer, especially a first-time buyer.
“I really don’t get nervous about (the future),” said Danos. “You do have peaks and valleys and we’re in a long peak right now with these interest rates.”