Safely past the government shut down for awhile, anyway, I am pleased to report that interest rates have gone down since just prior to the shutdown. This is good news for buyers or folks who are still dragging their heels about refinancing their homes. There is time this year to get into a home before the holidays if you have been shopping.
An unscientific survey that I have done among real estate agents indicates to me that folks are still putting their homes on the market in order to trade up or trade down and take advantage of the buying power that lower rates give us while we still have them available. This decrease in interest rates could mean that we have a good fourth quarter market in home sales-which in turn means more work for contractors, suppliers of home goods etc. The importance of the housing market can't be over stated. It becomes a snowball for affiliated businesses when homes are selling.
What many people don't realize is that late fall and winter are great times to purchase a home. While the inventory is a little lower, the fact is that many sellers don't want to keep their homes on the market over the winter so may be a bit more negotiable in price. New home construction can be contracted before spring price increases occur which means that building a brand new home may be less expensive if contracts are signed during the winter months.
There is no time like the present-so if you know that you need more space, or less space, a lower payment or lower term in your mortgage, don't let the coming colder months scare you off.
No comments:
Post a Comment