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Zillow Mortgage Marketplace: 30-Year Loan Hits 6-Week Low AOL Real Estate (blog) Mortgage rates for 30-year fixed mortgages fell over the past week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.14 percent, down...
Jeff Petsche's insight:
Buyers who are on the fence and waiting for things to "get better", need to consider what is going on in the market place and consider buying now.
Rates on fixed-rate loans are still appealing, and experts say it's still cheaper to buy than rent. It's also a little easier to get a loan.
Jeff Petsche's insight:
In my over 10 years of real estate experience I have seen several buyers try to time the market while sitting on the fence, and in the mean time miss opportunity after opportunity. I know this to be true because I've had clients miss out on several homes while they made uneducated speculations about interest rates or housing prices going down, just to see things go in the other direction. Prices went up, interest rates went up and they were back renting an apartment that they hated. It was a self discovery moment that most have to experience themselves, but I hate seeing it happen over and over again.
Don't make the mistake of looking into a crystal ball that doesn't exisit for any of us, Realtors included. Quit looking for the WOW FACTOR and take advantage of the NOW FACTOR!
My personal story that might make you understand how waiting could cost you hundreds, if not thousands of dollars:
In September of 2012 I decided it was time to buy again. I had been renting a condo in Corona for about two years and paying $1,700/month in rent. Renting provided a roof over my head, but no financial benefit to me at all. I knew it was time to buy again, no matter the house because interest rates were low (3.25% to 3.75%- fixed 30 years) and prices made sense.
I purchased a home in 30 days for $265,000 @ 3.25% fixed for 30 years using my VA loan and closed October, 2012. I remember my lender asking me if I wanted to lock the 3.25% rate or wait to see what might happen. Maybe rates would drop even more. I total her to PUSH the lock rate button on her computer screen NOW! (she laughed and did). My total mortgage, including principal/interest/taxes/insurance came to $1,491.00. A savings of over $200/month from what I was paying in rent AND I now had tax benefits and an asset that I knew in the long run would yield me a nice return in future years.
Approx. 60-90 days after I closed escrow, interest rates had gone up to over 4% (still historically low), inventory had dropped and prices rose. If I had WAITED to see if things were going to get better than what they already were in September of 2012, I may have waited myself right out of the buying market based on what I was able to afford at the time and I would have missed out on a great opportunity. The rent on the condo I was renting had also gone up from $1,700 to $1,825/month during that 60-90 day window and the home I purchased is now worth approx. $360,000.
What does your NOW FACTOR tell you to do?
Contact The Petsche Group at firstname.lastname@example.org and let us help you NOW!
There is no doubt that handling real estate is stressful, whether you're buying or selling. When you are buying a home, you have to get.. (The holiday season can be stressful enough… Buying or selling a home shouldn't be!
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