Recently fixed rate mortgages moved lower and actually are now at their lowest levels in four years. This translates into more buying power for anyone in the market to buy a home. In addition, sellers with properly priced homes will have more buyers looking at their property and therefore a higher probability of a sale. At any time while reading this article, please feel free to visit the website associated with this article to get in contact with a highly qualified, experienced Realtor.
Markets are cyclical, they are always going up and down. What goes up may very well come down, and visa versa. Home values have been dropping for the last few years in Arizona. With the interest rates dropping rapidly, it is probable that there will be an increase in refinances along with home purchases. With the recent high foreclosure rates, this does not mean that lenders are going to lessen their recently modified high standards. There was a time not too long ago where it was very simple to obtain a home loan for almost anyone. This is simply not the case anymore. However, if you do have relatively descent credit, descent income, descent work history, you should be in good shape if thinking about buying or refinancing.
There is no way to know for sure if the prices in Arizona have fallen as far as they are going to go. Nobody has a crystal ball. When interest rates drop this fast it usually means our Government is trying to stimulate the market. This may be the spark that the United States needs to get the market back to where people want it, back to increasing property values, and back to a thing people use to enjoy called equity.
Interestingly enough, many people from Canada and England are purchasing property in the United States because of the exchange rates. Their dollar is worth much more in the United States at the moment. The currency fluctuations have been brining United States Real Estate to the rest of the worlds attention in several cases in the past few months.
People still seem to be sitting on the sidelines waiting for something to happen. Some people have decided to get off the bench and start playing ball. The interest rates have dropped tremendously giving people courage to purchase Real Estate again which is understandable. The people sitting on the sidelines may be waiting to see if the market is going to continue to drop or begin to rise, which is also completely understandable with the market conditions in the last few years.
Confidence seems to be rising in home buyers. It will be interesting to see what, if anything, starts the United States Real Estate market engines again. The Government is turning the key by dropping the interest rates, but the spark has not yet ignited the American publics confidence just yet.
Feel free to click the on the website associated with this article to get in contact with an educated, aggressive, experienced Realtor to help you answer all of your Arizona Real Estate questions. The information in the article is deemed reliable, but not guaranteed. Absolutely no guarantees will be made from the information contained in this article. Markets are cyclical, they are always going up and down.
Executive Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, Arizona. Lived in Arizona all his life, Graduated from Northern Arizona State University and has been a Realtor ever since.