Some articles last week reporting a rise in interest rates. No matter how small the increase everyone wants to know if this is a sign that they are going up. My suggestion would be not to panic. As low as interest rates are, slight increases really are insignificant in the big picture. Home prices are still low and the interest rates are still extremely low. The real thing to consider is “What are you waiting for?”
If you are one of the ones out there that is waiting for either home prices or interest rates to drop even further, time to review. The only time we know we have hit bottom is after the fact. We have seen a lot of stabilization in the Real Estate market, with some neighborhoods starting to show appreciation. Home buyers are sticking to their prices and not doing drastic price reductions or accepting low ball offers. The important thing is even if there is a drop in home prices; it would most likely be small considering the huge drops we have already experienced. And interest rates do eventually need to go up. These historic lows cannot be in place for very long.
So if you are considering buying, don’t wait. You don’t want to be one of those that say I wish I had bought back then. There are great opportunities out there, don’t let one pass you by.
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