In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002, the height of the seller's markets where there was little inventory. In the last two major buyer's markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. When I started in the business in 1994, interest rates were at 9.5 percent, (and they were at 18 to 21 percent in 1980). In the early 1990s, the rates were hovering in the 11 to 12 percent range. Thus, today's buyer's market, with exceptionally low mortgage rates plus a substantial supply of inventory, is the best time in decades to purchase.
(Thanks for the plug from Berniece Ross!)
Long Beach 
long beach real estate 'Voice this!
(Thanks for the plug from Berniece Ross!)
Long Beach long beach real estate 'Voice this!
1 comment:
When housing prices are so beyond what the average household can afford, it is NOT a buyers market. It is NOBODY'S market. When prices start coming down below 350k for an average single family home in LB and similar areas (and no, not NLB), then maybe we have something interesting.
In the meantime, I personally would have a hard time buying right now knowing the value of my home is going to be less in six months than what I bought it for now.
Sellers take note. Drop them prices!
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