If history is any indication, right now is the best buyer’s market we’ve seen in 35 years. Here’s some data to support this fact. In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002, the height of the seller’s market where there was little inventory. In the last two major buyer’s markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. In 1978, interest rates were at 9.75 percent, en route to 18 to 21 percent in 1980. In the early 1990s, the rates were hovering in the 11 to 12 percent range. Thus, today’s buyer’s market, with exceptionally low mortgage rates plus a substantial supply of inventory, is the best time in decades to purchase.
April 29, 2008
April 6, 2008
Buy or Rent?
Should you buy or rent? This is a very personal decision and one that can only be answered by you and you alone. As a Realtor, I make a living helping people buy and sell real estate. However, I have also counseled many prospective buyers and advised them against purchasing property. The fact is that buying real estate is a major decision that should not be taken lightly. There is no dispute that now is a great time to buy, whether you are buying a single family home, townhome or condominium. Interest rates are low, home prices have become more affordable, and we have a healthy supply of inventory. Look for my indepth analysis on buying verses renting this Saturday, April 12th in the Homes Section of The Florida Times Union.
