The Fed did not move on interest rates so it is steady as she goes for at least the end of the year. Despite Janet Yellen saying that a rate hike is eminent, we have heard this before and each time they back down. For Oklahoma City homeowners and potential buyers this is good news. It insures that the strong sales we have experienced for the last 9 months will continue with homes being affordable despite the rise of home prices. Remember that Oklahoma City did not get caught in the meltdown so are great affordability and lack of foreclosures meant stability and homes that you could afford to buy. Of course there are always losers in this scenario, people on fixed incomes and those hoping for a cost of living increase on Social Security. Make no mistake, rates will go up, just like a market cycle downturn happened in 2007. The economy is improving, unemployment is down and fewer are filing for help. Eventually and hopefully soon incomes in the US will see a rise and that triggers inflation bur right now we are not close to the 2% target and the Fed worried more about disinflation that has plagued countries like Japan for decades and threatens to stagnate the recovery. If you are an Oklahoma City homeowner, or a potential Oklahoma buyer for a home of your own or an investment property, my suggestion is not to wait. Yes the rates have not risen but they aren't falling either, so get in with both feet. For help join selling or buying a personal or investment home in Oklahoma City you can contact our team at joe@joepryor.com
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