Vermont Real Estate Information Network

Today's Real Estate Market: The Best Time To Buy Is Now

The latest economic forecasts suggest that the real estate market correction is coming to an end, offering consumers a once-in-a-lifetime buying opportunity.

The time for prospective buyers to enter the market is right now; and here’s why:

Mortgage interest rates are close to 40-year low

• The average 30-year fixed rate mortgage rate remains near 40-year lows. Currently at 6.4%, this is more than an entire percentage point below 2000 levels.
  
  
• Low interest rates allow a substantially larger population of Americans to own their own homes.
  
  
• For example, with a $250,000 mortgage, a rise in interest rates from 6.5% to 7.5% means an additional $2000 in annual payments. This may boost currently available homes out of financial reach for potential buyers. Today’s low rates offer a unique opportunity for buyers.

Inventory is once again on the decline

• In recent months, there has been a record inventory of nearly four million homes on the market. However, total housing inventory levels fell 2.4% at the end of September to 3.75 million existing homes available for sale. As inventory continues to decline, the selection of homes will once again become limited. For prospective buyers, there may never be a better time to buy a home than right now.
  
  
• Taking advantage of the variety of homes available on the market today allows buyers the unique opportunity to find the home of their dreams.
  
  
• Expanded selection combined with low interest rates offer buyers an opportunity that may never be available again in their lifetime.

Learn more about this great opportunity.