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The time is NOW for first time homebuyers in Boise Idaho

 

If ever there was a time for first time home buyers to pull the trigger and buy their first home, now is that time. With a combination of favorable changes in lending requirements, historically low interest rates, and low home prices, all the moons are aligned for buyers. However, this is all likely to change as the impending presidential election promises to dramatically alter market and financial conditions, most likely for the worse.

After unprecedented changes in the real estate and mortgage markets precipitated by the mortgage meltdown of the late 2000’s, low interest rates and relaxed lending guidelines have once again created favorable conditions for new home buyers.

Long term mortgage rates are still at all time lows. For a few years now, pundits have been warning us of higher mortgage rates looming in our future. This year, however, the pundits could possibly be right.  Mortgage rates have enjoyed this wonderful ride at the bottom for one main reason. The US government has been buying mortgage backed securities at record levels, therefore pushing mortgage rates to record lows. Most experts believe when the government quits buying mortgages (expected to be after the presidential election in November 2016) that we could experience a significant jump in mortgage rates.  Because rates have been so low for so long, the buying public has developed a ‘mortgage rate complacency’ that has left most, if not all buyers, unimpressed with thirty year rates at 5%. Sub 4% Mortgage Rates have been the norm for far too long.  It is inevitable that these rates will rise.

In the Boise, Meridian, Eagle, Nampa, Star, and Kuna Idaho area we have seen opportunity return for the first time buyer.  For the first time in years, buyers are able to look at homes, both new and used, under $150,000 in the treasure valley. Not long ago first time home buyers were left to look at renting vs. buying, with the former often winning out due to sky rocketing home prices. In a market still recovering from foreclosures and falling home values, first time home buyers have opportunity once again.

These times are challenging for everyone. The condition of the economy is in the daily headlines. Unemployment figures are improving, yet still soft. The talk about the economy and election……uncertain.

The time to buy a home is right NOW!  The moons are aligned. With still low interest rates, and still viable home prices, now may be the time to buy a home before the presidential election sees interest rates increases as has been anticipated. Article brought to you by: www.FilbertRealEstate.com Boise Idaho Real Estate Search Engine The Family Guide To Finances

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