Is It A Bad Time To Buy A House

Dated: February 12 2016

Views: 657

There are numbers all over the place saying that this is a "seller's market", where sellers are firmly in control.  The Star Tribune recently ran an article titled "Buyers Have to Step Up Their Game" to buy a house these days.  In particular, "Home sales increased 7.8%, but new listings were flat, causing the total number of  houses for sale by the end of the month to fall nearly 14%, according to the Minneapolis Area Association of Realtors."  Wow.

So is this a bad time to buy?  Surprisingly, it is a GREAT time to buy!

The interest rates are still at historic lows (3.875% as of this writing), but are they going to stay that way?  Absolutely not.  They will go up.  The question is when and how much, and we don't know the answer to those questions any more than anyone else does.  "It's tough to make predictions, especially about the future", according to Yogi Berra, and that goes double for interest rates.

Those low interest rates, and the probability that they will go up in the not-so-distant future makes this the PERFECT time to buy a house.  Although the supply of available homes is tight, prices have still not recovered back to where they were in 2007, so there are still some awesome deals out there.

If you do decide to buy a house right now, just remember to bring your "A" game, be ready to make an offer as SOON as you find that perfect home - and be confident that you'll be getting a great deal at very low interest rates!

Call me at 952-221-3151 to setup some showings and we'll hit the road!

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