Is it time to buy a home in 2013? The Oklahoma City
area market has had over a 20 percent decrease in available homes on
the market. The really nice used homes are getting multiple offers if
priced correctly. It's the same for Edmond, Yukon,
Piedmont, and especially the Moore area. The mortgage interest rates
are increasing slowly. No one can really predict where it's going.
Rates on home mortgages surged to the highest level in close to two
years last week as the recent sell off in the bond market after the
Federal Reserve laid out a plan to wind-down its massive stimulus
program drove borrowing rates higher. This happened just because the Federal Reserve mentioning that quantitative easing program could pull back by the end of the year had an effect on rates.
many of you have bought homes with interest rates as high as 18%,
However, I can remember in 2007 when buyers were watching and waiting
for the rates to dip below 6.5%.
The bottom line is, today you can still lock in a loan with many lenders at a great rate, So if your selling a home, don't miss a great time to get the best price for your home. If you buying a home, or going to custom build a home, don't look back a year from now and realize that opertunity knocked, and you told it to go away.
Buyers still have plenty of time to get with a lender, correct any
credit issues, and get locked into a good rate. While your doing that,
connect with a Realtor that knows your market and ask them how they can help you.
Potential Sellers might want to think about the increase of buyers and the demand of homes due to the decrease in inventory.
If there is anything I can help you with, please feel free to contact me.