Waiting to purchase a home may not be the best strategy for those looking for bargains in residential real estate. Interest rates are beginning to rise and there are fewer homes on the market this year than last. As of today, Bainbridge Island has 261 active residential listings; last year at this time we had over 300 active residential listings.
In the past few weeks, interest rates have climbed from record lows of 4.5% to over 5% for a conventional, 30-year fixed-rate mortgage. While interest rates under 6% are still historically low, every tick upward impacts your mortgage payment. There are still good deals in home financing, but conventional wisdom predicts that interest rates won’t stay low forever.
Parts of King County are showing signs of price stabilization, with a few areas in the Seattle area posting price gains. System-wide, prices for single-family homes and condominiums that closed last month were up about 2.6% since January of this year.
Don’t let these historically low interest rates, lower prices and the $8000 tax credit (available to ‘first-time’ home buyers) pass you by!
Sunday, June 14, 2009
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