Supported by the Federal Reserve's recent decision to cut its overnight federal funds rate to a range of zero to 0.25 percent, the 30-year fixed rate mortgage hit a 37-year low last week reaching 5.17 percent.
Trade-up or scale-down buyers are free to move into an exciting new home or condo, making more starter homes available for first-time buyers. The advantage goes to the buyer when there are more homes for sale. In a market where the inventory of homes is growing, the competition between buyers increases and gives buyers more options. More competition is not a problem if the local market is moving at a lively pace. Affordable loans and a wide variety of financing options make it an excellent time to buy or sell real estate.
Contact us to find out if now if the right time for you to buy a new home in Lafayette or West Lafayette and surrounding communities.
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