Yes, it is still a great time to purchase a home, condo, or duplex. The lender we work with just locked in a 30 year at 2.75% and 2 VA loans at 2.5%.
That is CRAZY!!!
The odds of interest rates going up even 1% is much greater than going down any further. Inventory is still thin, but we are seeing the seasonal drop out of some buyers. What about the next 3-4 months? Well my crystal ball is having a melt down with all the variables and what could or might not happen. There are some factors that do help us with our decision-making process.
In most cases lenders and economists are saying interest rates should stay low through the end of 2021. But unknown variables could make rates fluctuate!
The spring market is going to be wild. More buyers than usual and hopefully more sellers than last year. Prices will not come down, its just if and how much they will go up. November, December and January will be exceptional months to purchase a home. I am telling sellers that I work with that our seasonal ups and downs will not be like past years. Like all of 2020, nothing is making sense.
So, what can you do?
Continue to watch for a property you like, but do not sit back and wait if you find one. Do not pressure yourself. When it happens it will happen. Be prepared with an updated pre-approval letter. Do not expect it to get easier and less expensive next year.
Contact me today!
Bob Arnold – (414)379-1101
Move2Milwaukee Realty Team
Realty Executives Integrity