The window is open refers to: The opportunity we all currently have! The decision to purchase real estate always depends on many factors. Location, style, amenities, price and financing terms, to name a few. I believe the current environment represents a great opportunity to consider purchasing real estate. Whether the purpose is for investment, primary residence or a second home. Why is this statement so compelling? Consider the following:
*Current average mortgage rates are slightly above the lows we achieved in 2003 which in turn represents rates we have not experienced since 1963-1965. Rates we have not seen in over 40+ years!
*The Memphis metro area is tied for 21st out of the 100 biggest growth markets for highest forecasted growth throuht April 2008.
*Memphis is ranked #1 in a survey of most affordable homes.
*Nationally, home prices have had the largest decrease in 37 years.
*Prices for new homes have remained relatively stagnant for much of 2007 and 1st part of 2008.
*Apartment rents are projected to rise about 4% in 2008 due to increase in demand from fewer borrowers being able to qualify for home mortgages and a shortfall in apartment construction.
*The income tax benefits of home ownership remain the greatest way to reduce taxable income.
Now let's all ask ourselves this question? How long will the window remain open? The answer is of course, no one knows exactly how long. If you also believe the window is open, then NOW is the time to take advantage of this opportunity before the window slams shut.
The opinion expressed in this article are those of Cal Aycock and do not necessarily represent the views and/or opinions of Keller Williams Realty.
Cal Aycock 2008
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