The plummeting number on my retirement account statements is a monthly reminder of a back burner dream of mine: real estate investment. This economy seems the perfect time to pick up a few good deals at a fantastic rate. But when is the right time?
Seeking Alpha’sThomas Smicklas thinks it’s now, citing:
- lower mortgage rates
- first time buyer tax credit
- continuing price pressure
- low appraisal values due to foreclosures in comps
In short, the landscape for real estate favors investor pools snapping up homes and lots at bargain prices. The balance between new and existing real estate sales remains in a state of flux – regardless of what politicians are doing – and the light at the end of the tunnel may still be an oncoming train.
If you are an investor, these are the best of times if you buy right and buy smart.
According to Zillow Mortgage Marketplace, rates for 30-year mortgages increased slightly last week. Last week’s rate was 5.07 %, up slightly from 5.05 % the week prior. On Monday, rates for 30-year fixed purchase mortgages fell below 5.00 percent, with the average rate on Zillow Mortgage Marketplace at 4.98 percent.
So what do you think? Is it time to buy real estate?