These are amazing times we live in. There are tremendous wealth building opportunities in real estate right now. As of today, I am hearing of interest rates at 4.375% for 30 yr. fixed and 3.875% for 15 yr fixed loans with no points! The housing market in Tucson (and most places nationally) continues to be soft, so there are tremendous deals out there on homes to go along with these historic low rates. If you have any inclination to upgrade, downsize, or re-finance, now is the time to do it! For those of you waiting for the value of your home to climb again before making a move, my question is why? Yes, you will sell low. But, you will also buy low, so your net result will not change. What will likely change is interest rates. While most experts in the industry are not expecting rates to climb in the short term, we know they will rise. We also know that historically when rates do rise, they do it quickly. In addition, HUD has plans to increase the monthly cost to those who will need mortgage insurance on an FHA loan.
It is times like these where great wealth is created. Cyclical lows in home prices and interest rates make for tremendous opportunity for those willing to act. Real estate has served as the primary wealth building tool in our country since it's beginnings. It is about buying low and selling high, or buying low, holding, and paying off the loan. Either way, buying at the low point in a cycle is the key.
If you need any help figuring out your options for a home purchase or sale, I will be happy to help. Contact me personally via my webpage. While you are there, take a moment to check out the many resources available to you. Even if you live out of state I can help point you in the right direction, or refer you to a good Realtor.