Tuesday, May 31, 2011
Time to Buy Property is Now
Mortgage rates have fallen below five percent again, to the mid four range. That means now is a great time to seek financing for the purchase of real property. According to the National Association of Realtors, new contracts to purchase existing homes dropped 11 percent in April, which is typically the start of the busy season for real estate transactions; and sales are off by 26 percent from this time last year. The drop in existing home sales contracts will likely keep prices moderated or even depressed in certain parts of Maryland. This, combined with the low interest rates on mortagages, creates an excellent buying opportunity. Anyone even considering purchasing a home in the next year might want to consider accelerating their plans and purchasing now to take advantage of the current opportunities.