Mortgage rates are the lowest they've been since 1971!! That is just amazing! Last week you could have locked a loan at 4.85% with no points. What that means is that a $200,000 loan would have payments of $1,055.38 for principle and interest. (Your actual payment would also include taxes, insurance and likely mortgage insurance adding a few hundred more dollars to the payment.) This is less that you'd pay to rent most houses in Sacramento!
Record low interest rates coupled with the a median home price under $200,000 and you've got a very affordable (thank God!) real estate market. Some of you have been waiting and watching for this and others of you are just lucky enough to get the timing right. But I doubt it will get much better than this. Why do I think that? Inventory is down, way down. Foreclosures have slowed way down, which is not good for the home buyers. If there are no bank owned homes to buy, all you have left is short sales and a handful or sellers with equity. Personally, I'd rather buy when I have more options.
So quit thinking about it and get enrolled in the Home Buyers Scouting website and see what the best real estate website has to offer. Clients of mine love this free site and many literally log in several times a day! Click the button below and sign up. And we promise, NO SPAM!!!
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