A few days ago we told you that interest rates had inched down a little... not their lowest ever point but pretty darned close to it.
We also cautioned that this could be short-lived and anyone on the fence about buying would be well-served by going ahead and making the move.
The time you have to "pull the trigger" may be shorter than we expected - or, at least, hoped for. There are serious signs that interest rates could spike - and spike hard and fast!
There are also signs that prices in the real estate market have bottomed out. We are now at about 2002 levels and holding. We told you about some markets that were hardest hit by the real estate bubble burst, such as Phoenix where the tide is turning hard and fast. They are actually seeing bidding wars again as prices inch upward.
Once that trend begins, many buyers will get off the fence and start buying. That will trigger an increase in prices. So... if you are on the fence and want to take advantage of both low interest rates and low home prices, your window of opportunity is now. The opening in that window is beginning to narrow and could shut at a moments notice.
Bottom line? If you choose to wait (snooze), you will lose this opportunity and may never get it back in your lifetime. In 5-10 years, don't be one of those people saying "If I had only purchased my home in the summer of 2009 I'd be sitting pretty today!"
Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com
