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Now is the time for first time home buyers

By
Real Estate Agent with Royal Shell Real Estate, Inc.

According to Freddie Mac, the average interest rate on a 30 year fixed mortgage is 5.05%. That is still a very nice rate considering people were paying up to 18% at one point, however in November, we saw rates at 40 year record lows close to 4%. Prices in more affordable areas of SW Florida have stabilized and inventory has dropped. If interest rates continue to rise, many buyers will miss a once in a lifetime opportunity. I would never suggest someone trying to go above their means to purchase a home. We have seen the effects of that and its not pretty. But if you have been thinking of buying and can also afford it, there may never be a better time.

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John Durham
Durham Executive Group - RE/MAX/Results - Woodbury, MN
MS, MS, ASP, ARS

Couldn't agree more!  It's a great time for first-time home buyers to get into a great home.

Feb 15, 2011 04:00 AM