Smith Mountain Lake Real Estate – Debbie Shelton

Beer and BBQ Festival Scheduled for May 6th

If you’re a Smith Mountain Lake resident or guest, chances are you know that the area’s signature event is the Smith Mountain Lake Wine Festival, which takes place annually on the last weekend of September. But there’s another event that is quickly becoming a popular draw for the community and tourists alike: The Smith Mountain Lake Beer and BBQ Festival.

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Smith Mountain Lake Real Estate Market: First Quarter Report

Real estate sales at Smith Mountain Lake showed impressive gains in the first quarter of 2017 with higher numbers of sales across all categories of waterfront homes, water access homes, condos & townhouses, and waterfront lots, versus the same time period last year.  Plus, prices rose slightly in all but condos & townhouses.  This is encouraging news for sellers and they showed their enthusiasm by coming on the market at nearly double the pace from a year ago.

If you are thinking about selling, buyers are anxiously waiting for new listings to appear.  But, competition remains high so preparing your home for sale and pricing right are critical.

If you are planning to buy, the selection is still vast, but don’t wait too much longer as the market is starting to shift and interest rates are rising.

Either way, call me at 540-797-3177 or visit my website at www.DebbieShelton.com!  I am ready to help you through the process of either buying or selling.

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Rising interest rates- Why you shouldn’t worry

Why You Shouldn’t Worry About Rising Interest Rates

When mortgage interest rates rise, you may be tempted to put your home buying plans on hold, but there are three reasons you shouldn’t let higher interest rates deter your home buying plans.

    1. Interest rates fluctuate. Mortgage interest rates rise and fall based on the lender’s viewpoint toward the economic outlook. News that suggests a slowing economy tends to bring rates down, while a rosy manufacturing or jobs report can send them back up.

Solution? When you shop for rates, shop at least three lenders using the same type of loan – 30-year fixed rate, adjustable, hybrid and so on. Do so at the same time because rates can change as much as several times daily.

    1. You have some control over rates. The rates you see advertised aren’t what you’ll necessarily pay. They’re available only to those with the best credit histories, those who are able to put at least 20 percent down, and those borrowing well within their means.

Solution? Talk with your lender about ways to improve your credit profile. If you’re stretching to buy a home, expect to pay higher interest rates.

    1. Rates are currently a bargain. Between 1972 and 2008, mortgage interest rates averaged about nine percent annually. Today, they’re around four percent. A 1/8th point translates to about $25 or less a month in monthly payments on a conforming loan, or $9,000 over 30 years in tax deductible costs.

The solution? Have some perspective. Home buying conditions change constantly. Focus on building equity with the lifestyle you want instead.