Turn on the news and what do you hear when it comes to real estate? Doom and gloom. We’ve all heard that bad news sells – and it’s true that some markets are still in a bad state. But in Upstate New York, we have so many positives going for our region and for real estate. Some publications and analysts are also starting to focus on the positives of the current market – it is a great time to buy.
Interest rates are unbelievably low. Would you rather save $60,000 over the term of your mortgage or get a $8,000 tax credit? Because today that is the reality in the aftermath of the tax credit era. Fannie Mae recently conducted a national housing survey in September, 2010. The results? 70% of respondents think it is a good time to buy a house and of those respondents, 36% think it is a “very good” time to buy.
U.S. News and World Report recently featured an article about the five things you should do with the interest rates as low as they are. What was #1? Buy a home. “The combination of low rates and falling real estate prices make for a perfect time to buy a home. Particularly for first time buyers, there may never be a better time to take the plunge into homeownership than over the next year.”
In Upstate New York, we didn’t experience double-digit appreciation so conversely we have not experienced a major drop in price. But with interest rates at historic lows combined with a healthy supply of inventory and stable prices….it is an ideal time to buy.
So if you’re on the fence or starting to begin to think about homeownership, contact a Nothnagle agent today to get the facts about the local market and your buying power in the current market.