This afternoon we received a call from our realtor that the offer we made on the Yreka house was accepted! This was good news in many ways. For one, we made the offer on Friday and hadn't heard all weekend so were getting a little nervous. Second, we made our lowest offer fully expecting to have a counter offer and go up some more in price. Because this didn't happen, it basically means that our new mortgage will only be about $10k more than our current one!! This is truly a miracle for us.
A bigger house (yay!), smaller yard (1/2 acre lots really are hard to come by anywhere), higher interest rate (can't really be helped), and only a slightly higher monthly payment. We're just keeping our fingers crossed that all the details play out smoothly. What a relief though to have this decision made this early in the game. I'm so happy we decided to go out there now despite my greatly pregnant state and all that rigmarole. How much easier will our move be to have an address and place to move into rather than living in a hotel for several weeks with small children!! Our prayers of gratitude have been ascending all afternoon!
So that's the good news. The only bad news was letting go of the beautiful but more expensive house dreams in Lake Shastina and telling our fabulous realtor couple there that we decided for Yreka instead.
Now, if we could only have a crystal ball to see what the interest rates will do for the next 60 days to decide when we should lock in our rate..... any forecasters out there??
7 comments:
Congratulations! I am so excited things are working out for you!
I think you will be very happy to have a house in town, with side walks. Those make a huge difference for trikes and things.
That is fantastic, Holly! How are things going to get your current house listed? Let me know when I can come help.
I'm so happy for you! I love how everything is coming together for you guys, and I'm so glad I got to go "help" you house-hunt. Now I can visualize your future home. I think you'll be quite comfy there. :)
Congrats! Hooray for taking the lower offer! That's awesome. I hope you get settled soon.
So, I raised the question to the 3 Certified Financial Planners with whom I work... "How soon should Holly & Matt lock in the interest rate on their new mortgage?" Ron was the one to offer his opinion that you should hold off for a little while... maybe the Feds (Ben Bernanke)will cut the interest rate a tiny bit at the next meeting (Sept 18...I looked it up).
WAHOO!! I am so happy for you! What scares ME the most is ever getting THIS house ready to sell :)
Congratulations on the house!! As far as interest rates... I say lock a rate before Thursday (rates will be down Monday due to bad unemployment results Friday). If rates were to move lower I can lock with a different bank... the largest change we could see this week would be the results of the 10 year t-bill auction on Thursday-we'll see the appetite for US gov. debt is- and that could cause a decent swing either way. The market is factoring in a .25% drop in the Fed rate by/on the 18th... if that doesn't happen we could see some volitility. I am sure things will continue to work out for the best for you :)
Josh
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