Now is perhaps the best time to buy real estate in the last 6 to 8 years, given the current low level of prices, the low level of demand, and the low level of interest rates. Interest rates are below average, as can be seen at our mortgage interest rate monitoring page on our main site. Mortgages are becoming easier to get again, and with smaller down payments, again, available. (find out about your mortgage qualifications here) Demand is low, as can be seen with the high inventory of houses for sale and considering the long days on market for the properties available. And prices have declined more than 15% since two years ago.
These factors, combined, make this one of the best buyer markets in recent years. Interest rates will begin to rise again, and so will housing prices. Inventory will decline as foreclosed properties are either sold or returned to the previous owner, or the process of foreclosure has been delayed by law or a renewed ability of the owner to pay, and as people less pressed to sell remove their properties from the market. So in terms of history, there wont be a better time to buy than now for some years to come.
We cannot guarantee that prices wont decline somewhat further, or that interest rates will rise starting tomorrow, but we do see this as a great time to buy. If you have any questions regarding buying a home in Rhode Island or Southeastern MA, please give us a shout, either via email or telephone 401-293-0631
