Mar 8, 2016
Clearly we are in a historic stretch of low interest rates. Low interest rates have always fueled the lower and middle home price ranges across the country, as homes become more affordable to first time homeowners and move-up buyers.
As we move through the stretch of affordable mortgages, here are some of my observations:
1. Buyers are focusing on and inquiring about taxes and insurances costs more than ever. These costs now make up an unprecedented percentage of the monthly cost to own a home.
2. The downsizing “Baby Boomers” who historically borrow very little or nothing at all are now being advised to borrow and lock-in to these low rates. Never before I have seen this!
I make no prediction as to how long these rates will last. I would have never guessed they would have lasted this long; however, I don’t see how rates can be raised anytime in the near future.
Led by third-generation owner Stafford Manion, Gladys Manion, Inc. is a boutique agency specializing in luxury St. Louis real estate along the central corridor.
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