Are you waiting to make that purchase, waiting for the best interest rates, and the 2007 recession to end? Well... I think now is a great time to purchase. I can't believe the great interest rates that are now at 4.8% for a 30 year mortgage. There's also an abundance of homes on the market for sale.
I know that consumer confidence is down and job security concerns are up... but, I think now is a good time to buy!
Real Estate markets are cyclical. Between 1981 and 1984 there was high inflation... remember those 15% to 20% loans for a 30 year mortgage? (I was looking to build my first home during that period). Well, during that period, home prices were rising just as high and fast as the interest rates. A loosening of lending restrictions drove prices higher as demand to purchase these homes increased.
Well... could this be the beginning of a similar scenario of "pent up" demand for housing? The loosening of those lending standards created that flurry of home buying during "81-"84"... which drove home prices up. Interest rates will most likely go up as the demand goes up.