The Housing Crisis is Over
There, I said it. I don't think CNN, CNBC or any of the other news networks will be repeating it though...it doesn't have the drama that the real estate doom and gloom that they spew almost daily has.
I read a lot of blogs, especially other Realtors blogs. Gary Szolosi, a Realtor in the Ft. Myers, FL area, made a great comment on his blog. I have summarized it below and made it more regional since the Florida real estate market is not the same as ours in Central Indiana.
During the last 35 years or so, there have only been a couple of instances where the purchase of a home made as much sense as it does today.
Around 1973, interest rates were similar to what they are today with inventory in this area at a normal level; about 6 months supply. Again around 2001 interest rates dropped to around today's levels. In some areas of the country, this led to the outrageous price increases that ultimately led to the "bubble burst" of 2005.
Does anyone remember in the early 1980's when if you got an interest rate of 15%, you had a good deal? I can remember mortgage interest rates as high as 18%.
If you are even remotely considering purchasing a new home for your family, or thinking about selling and moving up, NOW IS THE TIME TO ACT! Interest rates are hanging around 6% or so, the Fed is probably not going to cut rates any more than they have, (they don't affect 30 year fixed mortgages much anyway...only adjustable rates), inventories of homes are near all-time highs and prices have declined slightly. This is not going to last. If you want the best "deal" act quickly.
Here is a link to an article from the "Wall Street Journal" to reinforce what I just wrote. Contact me now and let's get moving. Don't let the lack of a down payment stop you. If you want to check your credit, I can have one of my lenders contact you.