Fairfield County Real Estate prices are affordable!
May 25, 2012
Home prices are affordable – the best they have been in decades.
Nationwide, average home prices are approximately one-third lower today than at their peak in 2006.
Buying is often less than renting a comparable property. In fact, buying is cheaper than renting in 98 out of America’s 100 major markets.
Overall the economy seems to be getting better.
The key is that Interest rates are at an historic low, and today’s low rates can be locked in for the next 30 years.
Many people have forgotten how HIGH interest rates can go. There was a period between 1978 and 1991 where interest rates were minimum of 10% (up to 18%) for 14 YEARS IN A ROW. It’s a big mistake to think that can’t happen again, All signs point to a recovery in the market with the potential of it exploding. There is a shortage of houses since very few were built over the last 4 years and the effects of that will be dramatic, If you do the math between a 4% mortgage and a 7 or even 10% mortgage over 15 years IT IS HUGE! Rates will go up faster than prices and if you wait too long you will have missed a once in a lifetime opportunity. Buying a house now is like buying something from 5 years ago with a 50% markdown factoring in price ,mortgage rates etc.
THIS IS ONLY TEMPORARY! Those who wait will find out that it is too late for the fantastic bargains because reporting statistics always lag behind
So yes it is the perfect time to buy a home – don’t miss the opportunity!
