IS THIS “THE TIME TO BUY” ? For any of us in a position to buy real estate, 2010 will provide plenty of opportunity to do so. Inventory has dropped. Prices have dropped. Sales have increased (both homes/condos). And for the moment, interest rates are low.
Does that make this the time to buy? Looking back, ten years from now, those of us who don’t, will very likely wish we had! The Real Estate market, historically, is a sound long term investment… and is coming back strong.
Are interest rates going up yet? Not yet.
Will they go up… anytime soon? When? How high? Interest rates are expected to go up after April 1, 2010 (when the FED stops buying mortgage backed securities). And once they do, interest rates will likely go up fairly quickly. History is a the great predictor of all time… Between 2003 and 2008 interest rates fluctuated. History does tend to repeat itself… and interest rates will go up.
Mortgage rates are appealingly low now (having been kept artificially low by the federal government).
Is that likely to change? If so, when? INTEREST RATES ARE on a slight DOWNWARD TREND … looking at the charts… but… because the Fed has announced that they will not continue to buy back mortgage securities after March 31st … we are looking at increased mortgage rates after April 1,2010.
Is this the right time to buy? Many of us will undoubtedly wish we’d bought real estate in 2010… when we look back, ten years down the road. If you’re considering buying or selling real estate in Miami, and are looking for an experienced Realtor, please give me a call 305 793 1365 or contact me here. For more information on buying and selling real estate in Miami, please see our blog: MiamiRealEstateCafe.com The Restivo Team at EWM Realtors, Inc.
