Nabbing a Mortgage Before Rates Rise Interest rates will be in the 6% range soon
Nabbing a Mortgage Before Rates Rise – WSJ.com.
So I found this article interesting. There are a lot of different opinions out there, but bottom line is right now it is a historically low time for Interest Rates. I think we will be hard pressed to see such low rates again for the next 10 years. Very soon in our near future all of us are going to be sayin an interest rate below 7 % is a deal.
Reality is they can not stay low forever. Now, the govt. does not know what to do, for they fear the reaction of what could happen if the raise rates right now. I think for the next couple months we are safe in regards to them going up for a little while. However it is inevitable, and therefore will be forced to increase.
Sellers are in a pinch right now, and are feeling the pain of the market. We just put a 13 unit apartment complex in Salt Lake City UTAH under contract. List price was $959,000. We got it under contract for $150,000 less than list price. Did I mention it is bringing in $90,000 of income a year? Now run the cap rate on that one. Investors are still hoarding their money, scared to invest it into the market. There are plenty of deals out there for people to buy up if they would just be realistic with their ROI.
Now, for the average consumer. Real Estate is a great opportunity right now. I hate to say it but I think pricing is stabalizing and I would even be willing to stick my neck out on the line and say that the affordable housing market is even going to rebound and increase a little here soon. We are seeing multiple offers on home in the $200 range. So yes your upper priced properties are still getting destroyed, but hey who can afford a $1 million home in Salt Lake City, UTAH. Not very many people compared to the census. So what do you buy if you are an average guy like me? Well for starters, if I am patient and willing to not let my emotions get the best of me. A good place to start would be with the REO inventory in UTAH. Foreclosures are a plenty, and we are seeing some not so average deals coming across our plates. So you need to get your hands on a list of Foreclosures.
You can get a great buy a home, you just need to know how to find those great buys? Bank foreclousres are some of those deals I am talking about. And Utah has its fair share of Bank Foreclosed REO properties. If you are looking for one, let us know and we will get you a list of bank owned home in utah.
Related posts:
- Interest Rate Predictions for 2010. Interest Rates on the rise currently.
- Interest rates rise as investors pull out of bonds
- Interest Rates will rise in 2010.. Current interest Rates are extremely low..
- Interest Rates will rise in 2010. Tax incentives will end.
- Fed weighs how and when to signal higher rates – Interest Rates on the Rise..
