Interest Rates On The Rise

Dated: June 29 2015

Views: 500

I hate to say I told you so!  For those who said I will wait to find the best deal, you've been double whammied!  Higher home values and higher interest rates have put potential homes out of reach of some buyers.  3.5% only 6 months ago and now we are up to 4.3% interest rates. And depending on the day, they fluctuate from 4.% to 4.5%.  Summer time has always been peak season for sellers. And as days turn into weeks and weeks turn into months...sellers are getting the upper hand on the buyers.  Holding multiple offers, asking for highest and best offers, turning down offers just slightly lower than asking....

So where does that leave you, the buyer?  I'm not saying just to buy a house just to buy one...well I AM... Buy a house TODAY! It may not be the perfect home, or the exact neighborhood you want, but do not wait until interest rates get any higher and house values get out of hand.  There is still opportunity.  If you buy a home today, possibly within the next 12 to 24 months, you can save up enough money to buy another home and rent the current one out. Become a landlord to yourself and others and you will see a brighter light at the end of the tunnel.  With today's rates, you still have an opportunity to grab a decent mortgage that you can make money off when you are ready to rent it out.  FHA Buyers, not to worry. You can still buy another FHA property after 13 months of owner ship.  FHA is not just a one time deal.  Now the hard part for FHA buyers. As home values increase above $350,000. FHA may or may not be an option. The highest purchase price you can go with FHA is $357,000 so you can put 3.5% down.  

So if you are looking in Miami near Gables, Kendall, Brickell, The Roads, Coral Way, Miami Springs, Miami Lakes, and even sections of Hialeah, it is getting nearly impossible to find homes even within this price range.   If you are looking in Pembroke Pines, Cooper City, Davie, Weston, Plantation Get ready for a sticker shock.

OK Jesus Pazmino, Mr. Realtor, so what makes you such an expert on interest rates and home values... I will tell you. I love what I do. I love to help people. Even if it's probably not what you want to hear, I'm going to tell you the good, the bad, and the ugly.  I'm here to educate you, guide you not sell you.

So call Andrea Lucero 305.928.5626 

You might be able to qualify with up to 2% towards closing with FHA. Do it now before interest rates go up again.

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