It's Fall…and more than leaves are Falling – Record Low Interest Rates are here!
It’s Fall…and more than leaves are Falling – Record Low Interest Rates are here!
OK – I’ve refinanced and the rates are still dropping. Who could have predicted the rates for a 30 year fixed rate loan could drop below 4%??? So, now there are record low interest rates – why aren’t more people buying homes? Good Question!
I have 3 quick guesses why folks aren’t buying even with these low rates:
1. Banks aren’t lending like they used to.
We’ve swung from the practice of giving mortgages to anyone who was breathing (a good thing since it caused a good deal of the foreclosure crisis), to not giving really qualified folks mortgages due to more rules and regulations. Don’t let this deter you! We have some great lenders who recognize a qualified buyer and will work diligently with you to get you qualified.
2. Consumer Confidence is a bit shaky.
With the number of buyers down, a new opportunity opens up for you – lots of homes with prices like we have not seen in years – couple this with these low interest rates and it is a fabulous time to buy. There are many signs of a rebound – so stay tuned!
3. It’ Fall
There is a perception in the marketplace it’s best to buy in the Spring – Not So! As sellers head into the Winter months their motivation is even stronger to sell – so some great prices are available in the Fall Real Estate Market.
Don’t let these three things get to you this fall as you consider getting into the homeownership status. Rates are GREAT! Inventory is HIGH! It’s a great time to buy your first home or your dream home. Give us a call or send us an email for a complete search and home buying information. Pat Vredevoogd Combs, Coldwell Banker AJS-Schmidt, 4488 Cascade Road, Grand Rapids, MI; 616-559-7241 firstname.lastname@example.org