I know it sounds like a cliché to hear a Realtor say it is a good time to buy; but really, “It is a Good Time to Buy.”
10-year mortgage rates are at an all time low. See the chart below that was done for me by Jim Enright with First Financial Services in Chapel Hill.
Mortgage Rates – A 10 Year History
CONFORMING JUMBO (Over $417 Loan Amt)
30 Yr Fixed 4.0% 30 Yr Fixed 4.875%
15 Yr Fixed 3.75% 15 Yr Fixed 4.25%
7/1 Arm 3.125% 7/1 Arm 4.0%
5/1 Arm 2.75%
Mortgage rates were provided by Laura Hall at Corporate Investors in Chapel Hill.
There is no way to tell how long these incredible rates will last. Six years ago, I thought rates where low when I got a 20 year loan for 4.875. I never thought I would see rates go lower than that.
Combine the low mortgage rates with an excess of inventory and this equals a buyers market. In fact, you have the perfect recipe for it being the right time to buy. In Chapel Hill, for example, overall, there is a 9 month supply of inventory. See the chart below for a break down by price range for single family homes.
Chapel Hill July 2010 Single Family Home Sales By Price Range
If you would like loan information or to talk about the market and your options, give me a call at 919-697-5014 or toll free at 1-88-TeamJodi (888-326-5634).
Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest.
These are great tools for tracking the real estate market!