Well, well, well. It seems like this economy is finally getting on track! What does that mean? Some can consider it a good thing, others can say its not so good.
The good- Stock market steadily “growing” like it is “supposed to”. Home prices are back on the rise (Especially here in South Florida!). Unemployment declining, or so it seems. Everything is peachy, right?
The bad- Interest rates for mortgages are rising! If fact according to Mortgage News Daily this past Friday was the highest one-day increase in average mortgage rates in record-keeping history! If you thought that you would “wait for the bottom of the market” to buy your next home, and you haven’t done it yet, you have officially missed the boat! Although prices may not continue to rise like the rocket ship that it has been here in South Florida over the last six months, I do not think interest rates will come down again, unless something crazy happens.
The Ugly – Doom-and-Gloomers will continue to think that the financial world is going to fall apart eventually and these people will go and do absolutely nothing about interest rates or home prices. People will continue to think that our economy is falsely inflated and it is just some bubble that is going to pop any minute. Unfortunately, for these people if that happens, they will be hurting right along with everyone else, only they could have missed the opportunity boat completely by being blinded from the black clouds over their heads.
What does all this mean? I think that right now the Real Estate market is action packed. In South Florida, it doesn’t seem that enough sellers are around to satisfy the buyer’s hunger for property. Whether it be a foreign investor, flipper, first time home-buyer, or just someone looking to upgrade, this is prime time. Sellers are getting list price or better, and buyers either have the cash, or are taking advantage of the low interest rates. As interest rates rise for mortgages, borrowed money will become more expensive. If real estate prices were to fall, buyers could actually pay more in the long run, than buying a higher priced property NOW with lower interest rates.
Just throwing my two cents out there. I am here to help through the entire process. I know what it is like out there. Call me today and I will be your eyes and ears in this ever changing market place!
Make today AMAZING!