Breaking News, Mortgage Rates Continue To Fall-Will You Miss The Boat

By Renee Porsia, Real Estate Girl

Is anyone ever happy?  I am beginning to think not. When home prices were so ridiculously high people were out there saying “it’s a great time to sell, but not buy,” and when home prices dropped people were out there saying “it’s a great time to buy but not to sell.”

Well, guess what? Interest rates are historically low and for once home prices are “perfect”, “reasonable” and there is a lot inventory.  Why is everyone still complaining? Why is the media not talking about this every day and night? Heck, not even the National Association of Realtors is saying anything encouraging those who are in the position to buy, to buy and those who wish to sell, to sell.  Instead all you hear is how consumer confidence is low. It’s no wonder consumers are afraid to do anything; they are being told to stay inside, bolt the windows shut and wait until the worst happens.

Just 30 years ago in 1981 interest rates were 16.63% for a 30 year fixed. Can you imagine buying a home at that rate right now?  But, if you wanted a home back then that was your rate.  Today in the year 2010 a 30 year fixed rate is 4.85% or lower.  There has never been a time in history that both interest rates and home prices were low at the same time! Come on, it’s a no brainer people.

I’m sorry but nobody should be complaining if you are a buyer or a seller right now, this is boat we all have been waiting for, it’s finally come in.  Are you going to miss it by sitting on the side lines listening to the talking heads, friends and family?

If you have been thinking of selling your home and you are in the position to do so, stop dragging your feet, call your Realtor® , get it up on the market and get out there and find your new home. When home prices and rates start to go up again, and they will, people will once again be out there complaining but guess what, I won’t want to hear it. I’ll just whip out this article along with interest rate sheets of what rates were like and MLS sheets of how low homes were selling for and say sorry but that boat sailed and you weren’t on it.

Renee Porsia is an Associate Broker with Re/Max Action Realty and Author.


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