With government being more and more aggressive in helping the economy from entering recession, fed rate has take a big cut again. I just check the interest rate for 30 yr fixed mortgage, the graph shows we're back to the 2005 level in terms of interest rate. This is lowest in the past 2 years. This is certainly a good news for home buyer NOW. If you have been waiting and thinking to own your primary residence, give it a serious thought NOW. With more inventory on the market, and interest rate being lower, it's definitely a great buyer market to own your primary residence.
Friday, January 25, 2008
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2 comments:
The only problem is that home prices might come down further. I'd wait another 6-12 months before buying. Rates and prices are only going down.
Cindy
http://bestcashcow.com/cindy_daniels
Ture, price may drop futher more, we just don't know when will it bottom. For investment, it may not be a good time to get in yet. But for primary residence,the question is more a personal than a market as a whole. As long as you run through the number, you calculate how much you pay rent vs how much you payment you make and tax benefit you get back when you own, and if you see more benefits to own than to rent, then it's always a good time to own than to rent.
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