I might look to purchase a house next year... will I really be missing out on interest rate levels, or should that economy remain about the same?
2007-01-02 04:30:34 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You should be fine in one year or so... I am not sure where the interest rates are going, but they should not increase too much over the next year. The marketplace is a big revolving cycle. Right now, prices are good for the buyer. In five years, it could become a seller's marketplace again, but the marketplace is filled with so many homes, so the prices will remain solid!
2007-01-02 22:28:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That depends on your investment horizon. If you are a long term investor and have LT time frame you should hang on or take advantage of the near term dips and hold. The fact is barring a major calamity there are a few factors that will contribute to an ongoing demand for housing in the US and pricing:
1. positive immigration/ population growth
2. increasing cost of building materials
3. movement of population from urban to suburban and vice versa
4. inflation
Note that in the history of the overall US housing market (since we started keeping records) the market has never really dipped significantly and not recovered (even the depression era). At worst times it has flatened for a few years.
Now if your time horizon is under 5 years then you can expect more near term adjustments for the next 12 -15 months- Hopefully by then the new financial cycle will bring down interest rates again and push the housing market again over the 2-5 year period...
2007-01-02 12:46:57 · answer #2 · answered by nopretentions 2 · 0⤊ 0⤋
Mid summer will be a good time to buy. Especially new homes. Builders have a lot of homes sitting empty. Many are giving free extras. Be patient and save your money. Martgage rates are stable and might even go down. They won't go up.
2007-01-02 22:01:07 · answer #3 · answered by sm4125 3 · 0⤊ 0⤋
This is the million dollar question and it vary's based on who you ask. The overall general opinion in the industry is that we are expected to hit bottom in 2007.
Here is some info that should help.
2007-01-02 12:46:01 · answer #4 · answered by loanman46 2 · 0⤊ 0⤋
Good question. Right now the rates are quite low and no one knows what they will do week to week. It's a real crap shoot. Prepare now so you can move quickly. Go to REBAC.com and jackosullivan.net
2007-01-02 12:57:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋