There have been many mortgage guideline changes in recent months, but there is currently money available at relatively low, fixed interest rates for those homebuyers who want to take advantage of it. The fact is that homebuyers currently have the opportunity to purchase a home at a lower price and pay a lower interest rate than they could have a year ago. I’m seeing homes purchased at bargain prices and financed at a low fixed interest rate.
Why aren’t more homebuyers jumping into the market right now? I have watched the up and down cycle of the housing market many times in my 31 year career. The tendency seems to be for many prospective homebuyers sit on the sidelines when home prices and interest rates are both low, waiting for some absolute assurance that they will be picking the very best time to purchase a home. Many homebuyers wait too long and then discover that both home prices and interest rates increased.
No one knows for sure if housing prices or interest rates have hit the absolute bottom yet. What we do know that at some point in the future, both home prices and interest rates will higher than they are today. If you are planning to buy a home, don’t wait too long.
