Why Wait?

The November sales data came out a couple weeks ago and was disappointing. The December stats will soon be out and they surely won’t be good either. This probably comes as little surprise to anyone watching the news, reading a paper or drawing breath for that matter. We are bombarded with negative economic information and as much as we’d like to tune it out, we can’t. But amid the grim news, there are a few things that potential homebuyers should not tune out:

Mortgage Rates are down. The benchmark 30-year fixed-rate home mortgage in the U.S. fell to a national average of 5.10%, the lowest since Freddie Mac began its weekly rate survey in 1971.

Homes are affordable – According to National Association of Realtors, the Housing Affordability Index is up 6.5% from the previous month and the highest in years.

This really is a good time to buy real estate, sincerely. Not just for the heck of it but if you do have the desire and ability to purchase a property, why wait? As I have mentioned before, interest rates are lower than they ever have been, fewer buyers are in the marketplace so this means less competition and sellers are considering offers that they might not have in the past.

While many buyers might be waiting for the market to hit bottom, we will never know really know when that time is until the market is on the upswing. Unfortunately by then other buyers will recognize this creating more competition and prices will be on the upswing too.

So if you’re looking for a place to buy that piece of property I can’t think of a better place to do it than Northwest Wisconsin. New snow over the weekend freshened up our trails and it truly is a winter wonderland out there.