All this talk of cheap money "on the horizon" is causing some dislocation in the activity in the current market.
If you are waiting and talking about how much better interest rates "are going to be" I have a suggestion. Think about what will happen to the price of homes when everyone is charging out to buy them with all this "cheap money". Think about what will be the end result in the TRUE cost of the home that you want to buy.
It has been a while since I received my degree in Economics, but I think that it should be obvious when one gives it a little consideration, that the cost of Real Estate will rise as the demand increases due to lower interest rates. There is no free lunch. A good deal is a good deal. Interest rates are currently VERY attractive. Don't wait too long and miss your opportunity to purchase a home at historically low prices.
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And with home prices so low, the difference of even half a percentage point in rate can be negligible.
At $100,000 the difference between 5.750% and 6.250% is only $32. Would you gamble with your dream home (knowing that prices are rising) waiting for a lower rate that might only save you $30?
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