For the last two years or more we have been warned that interest rates would be back up to 7% or 8% by many experts. To my delight they are now even lower than when the warnings began.
How long will this last? I don't believe anyone knows. The experts have predicted wrong consistently. The one thing we know for sure is that money is cheap. Loans are not as easy to get as in the past, but if you have good credit they are still loaning money.
If you are looking to purchase a home, find a top real estate agent and an experienced loan officer. If you are looking to purchase on Oahu please look me up. I would be honored to help guide you through the process.
If you are looking in other parts of the country, I can help pre-screen agents to assist you in finding a top agent for that market.
Good Luck and Happy House Hunting!
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Mortgage rates are ridiculously low!!! That can really cut a payment down. Couple that with the the houses prices now can equal a great deal!
Randy, yes great deals to be had with the rates and prices. But, you better have good credit and a down payment.
Randi..There are many out there that are waiting for the prices to go down. They may find that with higher rates which will make the home more expensive in the long run.
T&D - It can really effect how much of a loan amount people can afford.
Gabe - Many of my buyers do not have a downpayment. There is still VA and USDA loans out there. Others need the 3.5% for FHA.
William - That is different in each market. I am seeing prices leveled in many areas that I service.
Randy I recently heard on CNBC that history shows with our current economic crossroads that these rates could be around for 10 to 20 years. Can you believe that? They are using Japan as a comparison.
John - I don't believe any predictions from the TV experts. Anything is possible. The other TV experts predicted 8% awhile ago.
Randy, the pundits kept saying for 10 years that interest rates will go up, now I am starting to believe it will, in the meantime buyers should take advantage of this 50 year low rates.
Endre - I think if I predict they will go up, I am pretty safe. When is the question.