by Lisa Williams, CRS, GRI, ABR
Williams & Associates Realty
Interest rates are below 4.0 percent! The question remains, however, why buy a home?
With interest rates at historically low levels and markets across the country beginning to improve, homeownership is within reach of more households.
However, tough economic conditions — particularly in markets that experienced major changes in house prices and production — as well as extremely tight credit conditions confronting home buyers and builders continue to remain significant obstacles to many potential home sales.
What does this mean for you, the buyer? It means that you should ask your local real estate agent what home prices are like in your area. What is the median household income for your region? It varies greatly by city, state, and region.
The market is the perfect climate today for buyers with cash for downpayments, steady incomes, and good credit scores. Buying today is full of opportunity. You can buy more home for less money and pay less interest over the life of the loan thanks to incredibly low interest rates.
Rates have never been this low. They are currently under 4.0 percent for buyers with good credit (think credit scores at least 720). Even if you don’t have an excellent credit score you may still be eligible for other good rates or deals. Now is the time to find out!
There are fewer buyers on the market, which means you have more leverage at the negotiating tables. Sellers are willing to make more concessions and many are motivated to sell, especially if their home has been lingering on the market.
Additionally, there are incredible deals to be had on the glut of foreclosed and short sale homes which are now on the market. Recent reports have indicated that this deluge of foreclosed home isn’t going away any time soon due to delays from banks. Many homes that have been delinquent for years are just now hitting the market. These banks are ready to unload.
Why should you buy a home right now? You’re going to find better deals, lower prices, and the best rates in history for buying a home.
Feel free to contact Lisa Williams, CRS, GRI, ABR of Williams & Associates Realty for more information at (414) 463-9948 or www.williams-realtors.com