REAL ESTATE IN 2013
Mortgage Interest Rates Rates are low (4% and less today) and should remain low. As the economy and housing markets improve, mortgage rates will begin to creep up, we are starting to see that already as the Tulsa market improves. Buyers Market – For Now 1) There us a good suppl of homes for sale right now, but inventory levels are low; 2) many sellers’ prices are “soft”; and 3) mortgage rates are low but bringing tougher qualifying and closing guidelines. These make it a very favorable market for good, bona fide buyers. But It Won’t Last The “better” home buys are being absorbed quickly. The number of “short sales” and foreclosures is declining. Those facts plus stricter loan qualification will cause current market values to increase and swing back to favor the seller. Rentals If one can purchase a property for rental investment, now is an ideal time to seriously look into it. Why? Consider these points:
- Rental demand is strong and should remain strong for some years ahead. This will increase a good rental income.
- Housing prices and mortgage rates are both low – at the same time! This creates great investor opportunities. I have been telling investors this is better than the stock market because you can get an investment house with only 20% down.