Financing in Neenah>Question Details

Donna Thorson, Home Buyer in Appleton, WI

Should I wait to buy a home? Will interest rates be lowered soon?

Asked by Donna Thorson, Appleton, WI Thu Oct 11, 2007

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Hi Donna, I believe rates will be lowered in the coming months.
1 vote Thank Flag Link Thu Oct 18, 2007
How long do you intend to occupy the property? If you are not planning to live in the proeprty at least 3 years, and perhaps even 5 years, do a careful rent vs. buy analysis with a local Realtor.

No one knows for sure what interest rates will be in the future, but indicators point ot stability.

Market prices are quoted for the aggregated averages of the closed sales in an area. Individual bueyrs and sellers strike deals that are both above and below those averages. If you are flexible, you have the oppty to seek out those motivated sellers and buy at a favorable price that may be less than the average market performance in your area.
1 vote Thank Flag Link Fri Oct 12, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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With interest rates at historical lows it is a great time to buy. A lot of times it is cheaper to buy than rent. The most importnant thing to remember is to buy a home in an area where you plan to live and work for the next few years. Buying a home is a protection of rents going up and dealing with a land lord. Do not buy a home because you think the value will increase. Homes do appreciate most of the time but recent years have taught us that this does not happen all the time.
Make sure to get yourself pre-approved for a mortgage before you go out house hunting. This will allow you to know how much home you can afford.
0 votes Thank Flag Link Wed Jan 26, 2011
Wrong question. Correct question is "Do you want to buy a home and can you afford it at these prices with the current rate's monthly payment?"
0 votes Thank Flag Link Wed Jan 26, 2011
Interest Rates are about as low as they are going to get. We will probably start seeing them leave off if not start going up.
Web Reference: http://janellsargent.com
0 votes Thank Flag Link Wed Jan 26, 2011
Now is the time to buy! Interest rates are still close to 40 year lows. Inventory is still relatively high, and if you live in the North, sellers what to be moved before the snow flies. If you wait until the Spring you will not have same strong negotiating position you have right now.
0 votes Thank Flag Link Sun Nov 4, 2007
Should you wait? Is now a good time to buy?
These questions are good questions for you to be considering, but it's kind of like going into a doctor's office and asking if now is a good time to have a surgery? The doctor would want to know if you are sick, injured, or ill. She would want to do tests, exams, and scans. She would not do a surgery if you are healthy. Your health and body are unique to you. So is your position for buying real estate. Like the doctor, I would have lots of questions. I would do a needs analysis with you. I would refer you to talk with a mortgage lender. I would find out about your situation. The truth is, now is a great time to buy for some people and an awful time to buy for some people.

I give some more advice and share, financial guru, Suze Ormans advice about house buying in my blog article link.
0 votes Thank Flag Link Sat Nov 3, 2007
In my opinion, near term interest rates will remain steady with minor fluctuations -- no drastic lowering or increase. So you have time to think about buying. Consider what it costs to rent vs. buy. Try using the price/rent ratio:
http://tinyurl.com/2nsnbz
0 votes Thank Flag Link Mon Oct 29, 2007
Interest rates are at historical trends. Many consumers are measuring rates based on the 40 year low that happened in 2003. As with any investment you need to look at the long term effects. Anything under 7% is a GREAT rate. Go to http://mortgage-x.com/trends.htm to view rate trends not for the last three months but look at the rate trends from 1992 - 2007, then to get a real ideal of how great rates are right now look at the chart for rates from 1984 - 2007.

Sue Stark, ABR, Realtor
Prudential Community Realty
suestark@prucomrealty.com
0 votes Thank Flag Link Mon Oct 29, 2007
If you are ready to buy and plan on living in the property in excess of 5 years you should sit with your accountant and see if the timing works for you.
0 votes Thank Flag Link Wed Oct 17, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Timing the market is hard to do - even those of us that have been in the business for years will tell you that in regards to our own personal investments. Prices are at an all time low, interest rates are on the decline again, and it's a great time to buy. Good luck! Go for it!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Thu Oct 11, 2007
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
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While no one really knows what interest rates will do, I personally believe that they will hover in the low to mid 6% range for the next 6 months. The rate you may actually get depends a lot on your situation and credit score. The better credit you have, the lower rate you will receive. I do not personally believe that by waiting you will get a lower interest rate, and they might actually go up.
As far as whether or not you should buy right now, a lot depends on the real estate market in your particular area. All real estate is local, and some markets are very hot and some are very cold right now. You should talk to a local professional about what is happening in your area. If you are planning to live in the same place for 3 or more years, and you have decent credit, in general, now is a great time to buy.
0 votes Thank Flag Link Thu Oct 11, 2007
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