Just a few thoughts about how the low interest rate affects the market.
If you were considering buying a home at $325,000. and wanted a $300,000. mortgage with a 6% interest rate your paymnets would be about $ 1,800. a month. If the rate went to 7% (as many economists believe it will soon), Your paymnets would be about $2,100. a month. It could also mean that for the $1,800. you would spend at 6% you would have to bring that mortgage down to about $260,000. Would you be as happy five years from now if you had to settle for a smaller or less desirable home? Would you want to pay thousands more for the home you really want? Today's low interest rate (under that 6%) represents one of the best buying times we have seen. The media thrives on bad newes. All news is bad for some and good for others. Unfortunately we have to look for the positive but it always there.
Jim