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Jody Nelson's Blog

By Jody Nelson | Agent in Maple Grove, MN

Home Buying-Rates Are Low, But They Won't Be Forever

Is it the right time to buy a home?

Well if you believe in the saying" Buy low" the answer to the question...is YES!

Look at the facts, homes are selling for less then they have been in years. And the biggest driving force in this market are the interest rates! They are at a historical 50+ year low. If you're sitting back waiting for the perfect time, in my opinion, the writing is on the wall now is the perfect time.

As the saying goes, "All good things must come to an end". If you continue to wait the prices may continue to be low but the interest rates will eventually go up.  Do the math, included in your monthly payment is interest, why would want to pay 5 1/2%  when you could be paying 4 1/2% over a 30 year period? I think the amount of savings will surprise you.  Don't wait, this opportunity will not last forever.

You may be concerned about getting pre-qualified because of what the media is putting out there....but don't be. You may have to go through a few more steps but that is only for your protection. Working with a well educated loan officer will make the experience easier. Please call me and I'm happy to give you the names of loan officers whom I've worked with for years. Having a reputable loan officer and working with someone who understands the commitment of home buying are the people you want to talk to. I can put you in touch with a professional today.

 
Great One Level Home In Shorewood MN - Click on the link for the virtual tour.

Jody Nelson

ReMax Results

phone: 763-694-1096

email: jody@homeswithjody.com

 

Comments

By Kim Starks,  Wed Dec 15 2010, 17:13
Prices may be low and affordability index high (meaning very affordable), but it seems fear has stricken the market. Although we are seeing some increased walk-ins, most folks are tending to stay on the side lines and are just window shopping here in Warwick NY, http://www.kimberlystarksrealtor.com/
I saw this article in CNN and believe it applies:
CNN Money
By Les Christie, staff writer
House Hunters are too Scared to Buy Despite Low Prices

NEW YORK (CNNMoney.com) -- Despite some of the best home-buying conditions in years -- affordable prices, low interest rates and lots of choices -- fear of buying has infected the market.
It has paralyzed house hunters, making them unable to pull the trigger even on attractive deals. Some are worried about making the payments, while others are convinced they'll save even more if they wait.
It's perfectly natural that they should feel that way in the wake of the housing bust, said Lawrence Yun, the chief economist for the National Association of Realtors. "It's like when the stock market is crashing," he said. "People are waiting to see if deals will get better."
In fact, home sales are down by about 25% from last year, which means a lot of people are sitting on the sidelines. And real estate agents are having to get used to the fear of buying trend..............

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