If you've been tuning into the news recently you may be under the impression that the housing market is in the tank. But that's not necessarily the case. Last week, Fannie May released their National Housing Survey for the third quarter of 2011. This survey gauges the public's opinion on a multitude of factors related to housing. The survey showed that the top four reasons someone buys a home is for reasons other than financial, whether it be for safety or control. The survey also revealed that 64% of the general population (and 69% of homeowners) believe that homeownership is a ‘safe’ investment. There are cities that have been hit harder than others by loose lending practices and people who were intending to make huge returns on the purchase and sale of their homes. The market correction that followed the housing bubble has been challenging for many families who were overextended, but the news is still not all bad. There may never be a better time for you to get an amazing deal on the purchase of your next home than right now. Recently, 30 year fixed rate interest rates fell to an all time low of under 4%. To make sure that sunk in let me repeat that to you for effect…interest rates on 30 year mortgages were under 4%! That is a steal! This has literally never happened before and there is no telling if it will ever happen again. 


Home prices were considerably lower in 1981, but mortgage rates were a staggering 18 percent. Today’s home prices are higher, but because of these record low mortgage rates, monthly payment obligations are significantly reduced. This is a historic moment in our country's history for homeownership because of the low cost of borrowing. We simply do not know what will happen to these rates in the future so if you are at all interested in finding out what's available for you then I suggest you do not delay. If you've been thinking about buying a home then there could possibly be no better time in history to lock in an incredible rate. Now is the time to make a really wise decision for your family that will have a positive effect on them for years to come. It's time to make a move now before these incredible deals disappear. 

 

Kenny Ochs

The Todd Tramonte Home Selling Team