Is now the best time in modern history to buy a home?
Mortgage rates stayed near all-time lows this week, as the housing market showed signs of life and sent potential home buyers a message: If you want to buy low, it doesn't get any better than this.
The benchmark 30-year fixed-rate mortgage was 3.97 percent, unchanged from last week, according to the Bankrate.com national survey of large lenders. The benchmark 15-year fixed-rate mortgage fell to 3.19 percent from the previous week, and the benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 3 percent.
NAR's composite quarterly Housing Affordability Index* rose to a record high of 205.9 in first quarter. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark since record keeping began in 1970.
And, a few weeks ago Warren Buffett was asked about the current real estate market and whether he felt now was the time to buy. His response was rather emphatic:
"If I had a way of buying a couple hundred thousand single-family homes, I would load up on them."
So, the question you ask yourself is: What does this mean? Whereas in the past we saw the perfect storm for sellers with low interest, easy credit and high demand, we are now seeing the perfect storm for home buyers. Low interest rates, easing credit, and the highest affordability index on record.
So, if the world's greatest investor goes on the record and says go for it, What are you waiting for? If you are waiting for an invitation, here it is: I invite you to take advantage of what may be the best opportunity in your lifetime to buy a new home, second home, or investment property.
If you now need to get an idea of your current home value, need information about a property, or know someone who may be a little behind on their mortgage, give us a call, email, tweet, or Facebook us. We're here to help.
Dustin and Mariya of The Oldfather Group of The Oldfather Group of Ocean Atlantic Sotheby's International Realty are the newest members of Barbara's Inner Circle, the international real estate network that is changing the face of the real estate business in the U.S. and abroad. Barbara's Inner Circle is the latest innovation by Barbara Corcoran, founder and former owner of New York City's Corcoran Group. As the regular real estate contributor on The TODAY Show on NBC, Barbara has become America's real estate expert, welcomed into living rooms across the country where her real estate know-how and disarming style bring viewers a wealth of knowledge delivered in common sense language.
"I'm wild about my new concept and very excited to have Dustin and Mariya joining us," said Barbara. "They are the just the kind of savvy agents I most admire. I'm so proud to have them as a member of our team!"
As a select member of Barbara's Inner Circle, Dustin and Mariya and The Oldfather Group now have access to an international community of the best brokers in the world and the ability to post, promote, and cross-market among them. Dustin and Mariya can also access Barbara's up-to-the-minute marketing tips for homeowners, and, perhaps most importantly, have Barbara's own personal endorsement. Invitation to join Barbara's network is selective and membership signifies a high level of professionalism, dedication, and ability.
The Top Producing Team for Ocean Atlantic Sotheby's International Realty in 2011 is The Oldfather Group, run by husband and wife duo Dustin and Mariya Oldfather. Mariya was also named a Five Star Realtor for 2011. In business for six years and with over $50M in real estate sales, the Oldfathers are relocation specialists with an emphasis on luxury properties. In fact, the team recently sold Sanctuary Farm, which was the highest dollar residential re-sale in the history of Broadkill Beach, DE.
To learn more about Dustin and Mariya Oldfather, visit http://www.TheOldfatherGroup.com or contact Ocean Atlantic Sotheby’s International Realty at 302.227.6767.