We’ve discussed what an incredible week it has been, and for so many reasons. We have talked about the ramifications of the August 2011 stock market ‘correction.’ We have bandied about the idea that maybe, when it comes to long-term investing, real estate is the true path to riches and wealth (it has always been that, for me)…But now, folks, it is time to get down to brass tacks and explain to you in better detail why it is, right now, the best time to buy a home ny.
When the S&P caused mass upheaval by lowering the credit rating of the United States government, there was immediate and palpable concern that could be felt coming from every sector. The concern (well, no, the reality) is that the amended credit rating will lead to rising interest rates for anyone who happens to be borrowing money – and for any reason.
Interest rates will rise for those using credit cards, and interest rates will also rise –perhaps a bit more drastically – for those borrowing money on a mortgage. Currently the average monthly 30-year fixed mortgage interest rate has been holding steadily below 5%. But, when the rates increase (and they will as a result of the lowered US credit rating) –even if they increase only one point –it will mean a sharp rise in the average monthly mortgage payment.
What I am saying, folks, is that in the messy aftermath of the 2011 stock market plunge, one thing is crystal clear: If you have any intent to Buy a Home NY in the next ten years, then RIGHT NOW is the time to move, while the interest rates are still at historic lows.
Smart investors who buy now will have the luxury of keeping their fixed mortgage rate while everyone else looking to buy, down the road, will be dealing with interest rates that are, due to the events of this week, substantially higher.
As someone who has been involved in over 12,000 real estate transactions, I can say without a doubt that right now is the time to move. If you have wanted to buy a home ny, but have been on the fence; then the events of this past week should be the ultimate and motivating factor that gets you off the fence and into the market.
Why?
Because when it comes to your mortgage, there is a fairly stiff difference between a fixed rate of under 5% and a fixed rate of more than 6%. The difference could be several hundred dollars, which, these days, is no small amount. With so many home owners struggling to make mortgage payments and who have little hope of selling to recoup (not to mention the failed economy and the sprawling unemployment), the fact is that the amount you pay toward your mortgage is one of the (if not the most) important factors regarding your financial status. Straight up.
So, remember, take it from a real estate guru who, over the years, has helped more than 11,700 families. Learn from the events taking place around us. If you foresee yourself buying a home in NY anytime over the next ten or twelve years, then do yourself a favor and go out and start looking – buy a home ny right now, before interest rates creep up!
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