Market Slow Down? Not Necessarily!

We have begun the final chapter of 2013, moving toward the holiday season and the year end.  As of today, there are only 57 days left in 2013.  Traditionally, this is a slower time in the home buying market.  But does it have to be?

Mortgage buyer Freddie Mac announced on Halloween that the average rate on 30 year loans declined to the lowest level in four months.  It wasn't a huge decrease.  For most lenders in our area, the result has been a 1/4% to 1/2% decrease.

 

Will the interest rates continue to decrease? As long as the Fed continues to flip flop on adding to or subtracting from the stimulus, the longevity of current favorable interest rate levels remains anyone's guess.

 

The important thing for buyers to realize is that this time of year when rates are low and the inventory is also light, is when some of the best Real Estate deals are available.  

 

So, what is the best course of action at the moment? Buyers need to get going now. Doing so could provide the best pricing of the year combined with the best interest rates since the 4th of July.