Real Estate rates are low and that means good news for the potential home buyer. It’s times like these when you need to take advantage of the rates and lock in for the long haul. Who knows what these rates will be like next year, so if you’re in the market to buy, now may be a good time to take some hard looks. If you would like to know more please visit www.teamjodi.com for information about the real estate market. 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.
CONFORMING:
30 Yr Fixed 4.0%
15 Yr Fixed 3.75%
7/1 Arm 3.125%
5/1 Arm 2.75%
JUMBO:
30 Yr Fixed 4.875%
15 Yr Fixed 4.25%
7/1 Arm 4.0%
There is no way to tell how long these incredible rates will last. You can learn more about Durham homes for sale and Chapel Hill real estate at our website www.teamjodi.com. 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.
Interested in knowing your homes value or getting a snapshot of the market, visit www.ChapelHillHomeValues.com or www.TriangleHomeValue.com.
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!