What better gift could anyone get than a new home for Christmas? People give cars all the time. Why not homes? Many people would say this blog title is just crazy. However, interest rates are so low now that many people can afford a new home. When you weigh in the factors of low interest rates, a buyer's market, and homes being sold below value, you have a great buy.
Today's interest rates are 5.27% for a 30 year fixed mortgage. And one of the top Treasury officials is hinting around that interest rates could drop as low as 4.5%. Could that really happen? No one will know for sure until it happens. Interest rates are affected by several unpredictable events such as political, economic, and social. We have no guarantee which direction the rates will go, despite expert's forecasts. But if rates do drop that low, it will only apply to 30 year fixed rates. Right now though, 5.27% is looking really good.
Because of today's housing market, we are seeing that buying a home with a fixed interest rate, no matter how long the loan is for, is a good idea.
Something to keep in mind when looking for a home to buy: don't obsess over the homes you look at, or you could miss out on a good real estate deal. However, there are some important things to do when buying a home. Get a good real estate agent who is knowledgeable about the area you are looking to move to, have the home inspected, research property values in that area, your Realtor® will be able to do this for you, and if you have children, be sure to check out the local schools. Also, remember to base buying a home on your budget, your future plans and your current needs.
I hope this advice will help you find the perfect home for you and your family this holiday season.
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