Many people believe what the analysts and the national media are screaming about the Real Estate Market, but hopefully you know better than to believe everything you read and hear in popular media. One fact is Real Estate is localized so you can't believe what the national media reports, especially since they are not reporting from Memphis. Another fact is that the Real Estate market is cyclical. There are certainly times when earning potential is higher, however if you invest smart, there has never been a time when Real Estate was a bad investment.
Over the course of the next few weeks we will take a look at many different facts and reasons why now is actually a smart time to buy. So check with us each week to see what is happening with the market, interest rates, inventory and more.
This week we will take a look at interest rates. Interest rates are low today, but they are expected to rise. According to the National Association of Realtors, interest rates are expected to increase by the end of 2009 from where they are today. Discussing your financing options with a lender is a good way to prepare for your home search.
While on the subject of what may happen next year, right now homes are the most affordable they've been but aren't expected to remain that way next year. Also, the inventory to choose from is plentiful. Increasing inventory means more options, giving you a great opportunity to truly find your dream home. One word of caution, the higher inventories are not expected to remain. Construction on new homes has declined which will create fewer homes after the current inventory is absorbed. So don't wait to find the home of your dreams, go get it now.
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