There are TONS of statistics that point to THIS being the right time to purchase a home... but maybe you haven't looked at how LOWER mortgage rates relate to homes? For instance, this is a beautiful "used" home in Garner, NC... The sales price is $259,900. To keep things easy - let's assume you are putting 5% down on this property. At a 5.75% mortgage interest rate, the principal and interest payment would be @ $1441. This same lovely house, with mortgage interest rates at 4.5% would have a principal and interest payment of $1251!
A difference - just because historically low rates are even lower - of almost $200 a MONTH! If the new administration has success, we will see mortgage rates at the 4.5% or below!
The home to the left of this picture is a custom built, new home on over 2 acres with an unfinished 3rd floor! At a "normal" interest rate of 5.75% the principal and interest payment (assuming you put 5% down) is $2022. If you purchased this home, and had an interest rate of 4.5%... then the principal and interest payment is $1755!!
A difference - just because of historically low rates are even lower - of almost $300 a MONTH!
This is why it's so important for the new administration to get their Cabinet members installed, and then work to get rates down even lower!