I watch CNBC on a regular basis to monitor the market on a broad level to see exactly what is going on in the crazy real estate and mortgage market. As they say "Knowledge is Power", but I am not sure if the people expressing their opinions on the current state of our Real Estate market are 100% accurate. Of course who is ever 100% accurate, everything is opinions. My issue is with the general media in the opinions that they are forwarding to the general market consumer. Everything out of them is negative and very general on a national basis. One of the first things you learn in Real Estate is a market environment is extremely local to the actual neighborhood a property is in, with location, school districts as a big aspect to the current market. Here in Central Connecticut we do not have a strong real estate market but it is not as bad as they claim it is. When have you ever seen a Real Estate market have prices lower at the same time Mortgage Rates are extremely low. My opinion is even if the property value does drop a little you are still paying next to nothing for the money, and have to remember that long term investors will always see an increase in property value over time.
What does this all mean? Very simple, if you were waiting for the housing market to hit the bottom(which think we have or extremely close to it) but do plan on being in the home for at least 5 - 7 years, this is a great time to buy. CHFA rates are 5.125% while you can get FHA loans at 5.875% on 30 year fixes with just 3% down.
It is a no brainier!
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