With all of the uncertainty surrounding us right now, we are getting a lot of questions about whether or not it is a smart time to buy a home. We definitely say YES…it hasn’t been this affordable to buy a home in quite some time!
“If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.” – Freddie Mac
UPDATE: Rates have gone up this past week, and are now closer to 4% (which is still an amazingly great, low rate!). This is due to the high volume of refinances the lenders have been experiencing, causing them to have little capacity for any new business! We are definitely in some crazy, unprecedented times! The demand for listings is still HIGH…there are still lots of buyers wanting to buy homes! And the supply is still VERY LOW! We are still helping clients buy and sell homes…we now are just doing it a little more cautiously, bringing sanitizer with us, not going into crowded open houses, etc. Please call us if you have any questions!