Why Be a Sheep? A Pinellas Realtor Rant on Home Buying and the Lowest Interest Rates since 1971
As Pinellas Realtors we scratch our heads at the fear some people have about home buying today (when they should have been scared 5 years ago but many of us were too busy following the herd). The real, experienced investors now are gobbling up homes for cash. Over 50% of Pinellas County Homes for Sale are going for cash now! You won’t hear that on the news. My message: Don’t let the media allow you to be a sheep! Read on ….. 
Interest rates are now at their lowest level ever according to the latest Freddie Mac survey released on 6/24. And on Friday the Florida Association of Realtors reported the same with interesting added predictors. Only 5% of experts predict rates will go lower and a whopping 40% think they will go HIGHER in the short term. Rates now for a 30 year fixed are 4.57%, the lowest level since Freddie Mac began keeping records in 1971!
This is great news for those considering refinancing and for families looking at buying or selling a home. The reasons are obvious. Lowering your interest rate just 1% on a $200,000 loan will save you an estimated $125 each month.
Our thoughts on all of this? While, yes, a home is an investment just like buying stocks and bonds and now is a sound time to invest with the lowest prices in decades, a home is also a place to raise your kids, garden, sleep, well … live. If you have savings, a steady income and can afford a home, what in the world are you waiting for?!! The silver platter is there .. waiting. ~ Matt
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