Ah…the $64,000 question!
Many of you may have heard that the Federal Reserve had promised to keep rates low through 2013. That is surely great news, but the question is, "How low is low?” For the past two months, the rates for a 30-year fixed mortgage have been at or just below 4%. Housing affordability is through the roof right now and will continue to be for the foreseeable future.
The rates are in fact expected to move up to about 4.5% during 2012 and into the lower 5% range for 2013, this is still very low based on history. Until the year 2000, rates were typically around 8%. If you think that is bad then you probably do not remember the rates during the early 80’s which were hovering around 16%.
Yes, our economy has gone through some dreadful times over the past few years and many still continue to face unemployment and other financial difficulties. Low mortgage rates are great for those who have good credit, a steady job and a down payment. This unfortunately does not apply to everyone right now, but if you are in the crowd who can make a purchase, then DO NOT WAIT! The Spring market is right around the corner and will offer a wide selection of properties in all price points.
Property Taxes in Maplewood
If you would like a professional opinion on where you stand with regard to the likelihood of successfully challenging your taxes, please email me. I will do a Comparitive Market Analysis on your home and supply you with some ammunition that will allow you to go to the town and file a tax challenge.
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