LOW MORTGAGE RATES + LOW HOUSING PRICES = TIME TO INVESTJune 18, 2011
The stars are aligning to create the most opportune time to invest in real estate. Adjustable and fixed mortgage rates have continued to decline remarkably since July 2007. According to Freddie Mac, the average 30-year fixed rate loan is about 4.6%, still down from the previous week. These are some of the lowest rates I’ve seen in my 25+ year experience in real estate, and they continue to drop!
It’s extremely rare in the real estate world to have both record low mortgage rates and low housing prices. Take a look at the Home Listing Report, recently released by Coldwell Banker. It reveals the average listing price of a four bedroom, two bath home and illustrates the strength of many local markets across the country (including Boston luxury real estate).
Even though housing prices are down from the mid-decade economy bubble – they remain firm. The high volume of foreclosure properties has helped stabilize market prices. And Boston luxury market is on a steady incline and will continue to pick up its pace.
So what does this current real estate climate mean to you? It’s definitely an ideal time to buy your next Boston home – as long as you have good credit, the necessary resources for a down payment, and are financially ready to take advantage of this opportune market, etc.
The combination of low Boston home prices and low adjustable/fixed mortgage rates makes it the perfect time to invest. The same home you look at this year may be out of your price range next year. These stars will not align again like this for many years to come, and you don’t want to look back with regret and say, I should have………
As always, your questions and comments are welcome!