Printer-Friendly
Email this Story
Post a Comment (0)
Greatest Time…And Why!
Greatest Time…And Why!
I should preface this with the statement that I am a REALTOR®, a licensed real estate broker, and as a professional, I am proud of those facts. Some many question this statement, but the 54 families, whom have placed contracts on homes, in our immediate area, over the last 14 days, agree with me. NOW IS THE TIME TO BUY A HOME! We have all heard and seen the ads, and many families are confused, however, this is a time period that many will remember, and wish that they had made the choice to purchase property. It will not get better, overall. Some may say prices have not firmed…they may be right…but they may be wrong. Price is only a “item of consideration” in a purchase. One thing that can be predicted, with relative authority, is that interest rates are rising, and rising, and after the election, will rise again.
We have seen the FED drop the “prime rate” 3.25% since September of 2007. During that same timeframe mortgages interest rates have increased almost 1 %...( Excuse me can we review that again) Yep, check it out, and in 2009, mortgage interest rates are forecasted to be at 7%. The purchaser’s buying power will have been reduced 16% based on loan criteria and qualifications alone. The emergency “governmental rescue home package” expires December 31, 2008 with the Federal Housing Administration removing its incentive and cooperation programs.
Prices are not going to drop 16%...Interest rates will rise 16%...Do the math. Buy now, or forever hold your peace.
You must be logged in to post a comment.