Here's why
Well-it is a buyers market you know.
And yes mortgage rates are at a 50 year low. Unfortunately when the opportunity to buy is high, buyer urgency is
often low. Why is this the case? Largely because the media thrives on bad news. The media often gives
out uninformed and sometimes ridiculous advice. The media bad news frenzy has
scared many potential buyers and prevented them from buying now when interest
rates are low and home prices have fallen to attractive levels in many areas.
This is ironic because when
interest rates were higher and home prices were out of sight the media was
cheering folks to hurry up and buy a home they could not afford. It was a
classic sellers market and folks were engaging in bidding wars to buy. This type
of herd mentality is insane.
So take it from me, someone who
has been in this business 30 years. If you need a home now is a great time to
buy. I personally do not think interest rates will remain low indefinitely. If
you try to time the bottom for home prices you might pay a higher interest rate
which could more than offset a small drop in prices.
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