I like to look ahead to what 2010 could possibly bring for us Oklahoma City interest rate lookers, many questions come about regarding "if" and "when" we could have a rate increase. I think we will all agree that there is only one direction for our interest rates to go, and that is up!
Yes, we see things slowly improving. We have to show lots of patience and keep very positive about our real estate market.
I understand that we are fortunate to live in Oklahoma City, but we have definitely been affected with people out of jobs. It takes time for growth in this economy to translate into new jobs, and many companies will need some time to realize positive growth before they start the hiring process all over again.
When growth begins to re-establish itself, then interest rates will begin to rise, but fortunately, jobs will also come back.
With all that being said, you know what happens next? Prices will go up. Everything is very interesting in the real estate business. We see rates at an all time low and it is definitely the time to buy a home.
It will all depend on the strength of our recovery as to when we start seeing the rates hike up. My opinion, we are a full year away! Given all this, my conclusion is that I wish everyone could take advantage of our great interest rates.
Ultimately, I am looking forward to hearing that unemployment is low and that our economy is getting strong again.Photo credit: flickr/woodleywonderworks