Myrl Jeffcoat, a Realtor in the Sacramento CA area, states simply and eloquently here what we know to be true - the only way to know when housing prices [or mortgage rates] have hit bottom is when they are on the way up.
In my San Mateo County and Silicon Valley area, I have more buyers actively looking for homes now than in any other December I can remember. On Tuesday evening I presented an offer for first-time buyers on a lovely San Carlos CA home; it was a multiple offer situation, but luckily for us, we're in contract. They'll be starting the new year off right, settled in their own home, with a yard for their little son to enjoy!
Let me know when you're ready to take that step - I'm here to help.
On Tuesday I posted a blog titled, "Buyers - What are you waiting for?" It addressed the number of homebuyers sitting on the fence waiting for the proverbial "bottom" to arrive in the housing market.
Comments from readers to that blog mentioned concerns about past housing cycles where homebuyers had waited, only to be caught up in a cycle of escalating interest rates and home prices.
This morning while reading an article titled, "Mortgage rates rise to 4.46 pct. As economy lifts," I could almost hear refrains from Elvis Presley's old song, "It's Now or Never."
This week, reports of strong economic indicator data are pushing fixed mortgage interest rates upward again, after hitting their lowest level in decades last month.
The average rate for 30-year fixed mortgages escalated to 4.46% from 4.40% available last week. The rate hit 4.17%, three weeks ago, the lowest rate on records dating back to 1971, according to Freddie Mac.
For homebuyers continuing to sit on the fence, this should be seen as a warning, that escalating interest rates could quickly increase mortgage payments. Couple that with any bounce in home values, and the proverbial housing "bottom" could be missed.
Real Living Great West Real Estate