Naples, Fla. - Fannie Mae and Freddie Mac have announced that the month of May 2012 has set the all-time record for the lowest interest rates ever for both the 30 year fixed rate mortgage and the 15 year fixed rate mortgage. A 30 year loan is 3.78% while the 15 year has fallen to just 3.04%. This marks the fourth straight week that rates have broken all-time records.
The local Naples, Florida real estate and remodeling markets have been positively impacted as the mortgage rates have fallen to record lows.
Glenn Bradley is a local Naples real estate expert with the Glenn Bradley Group, a full-service real estate firm with Coldwell Banker Previews International. Mr. Bradley has been a Naples resident for over 10 years. ''With interest rates hitting historically low levels, we're also seeing inventory in Naples hitting very low levels. We currently have more than 30% of our inventory under contract. Additionally, we've had nearly 5,600 closed sales since the first of the year and only have 8,900 listings on the market. Our absorption rate has increased dramatically. Renovations are also happening right now. With two like kind homes - one having a number of custom features such as hand milled cabinets, or quality custom built-ins will always sell faster and typically for more than the blank canvas.''
The beneficial effects of the historically low interest rates have also increased the Naples remodel and custom woodworking markets according to Neil Heuer. Mr. Heuer is a co-founder of Grand Woodworking, a premiere source for fine custom architectural woodwork in the greater Naples area. Grand Woodworking is often called upon to match or extend elaborate fine woodworking in high end homes and businesses. According to Mr. Heuer, ''We have seen a dramatic increase in remodeling business coming due. Homeowners committed to living in their homes are recognizing the historically low borrowing rates and financing home upgrades. People are renovating their bathrooms and kitchens like we have never seen before. In Naples estate owners use millwork and other fine woodworking to distinguish themselves and their properties. As Grand Woodworking creates custom work we are able to give customers something highly customized and very one of a kind.''
The record low interest rates have boosted both investor sentiment and business expansion. Mr. Heuer said that his firm is currently updating the fine woodworking for the Brighton Building within Bay Colony - an exclusive property sitting directly on the Gulf of Mexico. As to the future in Naples and for the Florida real estate and remodeling markets Mr. Heuer added, ''This is a good sign for the Florida economy as these home owners associations are now aggressively investing in the common spaces in higher end buildings.''
To learn more about Grand Woodworking or to view their portfolio of previously produced projects including custom cabinetry, unique hand built furniture, and stunning architectural millwork please visit: http://www.grandwoodworking.com.
Source: Grand Woodworking
Have something to say? Share your thoughts with us in the comments below.