Spokane Real Estate Advisor Sees Interest Rate Opportunities For Washington & Idaho Home Buyers
Spokane REALTOR(R) John Creighton, a real estate expert in the Spokane, Washington and Coeur d'Alene, Idaho markets, says that low interest rates have created historic home buying opportunities, but that rising rates mean buyers should act fast.
Spokane, WA - Spokane REALTOR(R) John Creighton, a real estate expert in the Spokane, Washington and Coeur d'Alene, Idaho markets, says that low interest rates have created historic home buying opportunities, but that rising rates mean buyers should act fast.
Creighton, who publishes a monthly Spokane real estate market update , says that low interest rates means more buying power and lower mortgage payments. Combine that with the great deals that are available on Spokane and Coeur d'Alene foreclosures and bank owned properties, he says this could be a once-in-a-generation buying opportunity.
"For many buyers in this market, a small change in the interest rate can make the difference between being able to buy a really nice home and being priced out of the market. With rates going up in recent weeks, it's important for buyers to be proactive if they want to lock in these rates."
Creighton says the Federal Reserve has been engaging in Quantitative Easing, which is an attempt to "buy down" bond yields to encourage banks to lend at lower rates, but it has had the opposite effect so far.
"The bond market is going down, which means the 30 year bond yield, the measure that home mortgage interest rates are based on, has gone up."
Asked what this means for would-be home buyers, Creighton says that it severely affects not only the size of mortgage payments, but the amount of home someone can qualify for.
"The rule of thumb is that for every $100,000 in home value, a 1% increase in interest rates decreases buying power by as much as $10,000. This is because the higher mortgage payment increases the debt to income ratio."
As a result, Creighton is encouraging readers of his market update who may have been thinking about buying a Spokane or North Idaho home to act now.
"Now is the time to buy Spokane, Coeur d'Alene, and Greenacres homes. I think the days of ultra-low interest rates is going to be over soon."
For more information, please contact:
John Creighton, MBA, GRI, e-PRO
Spokane Real Estate Advisor
John L Scott Real Estate
1338 N Liberty Lake Rd
Liberty Lake WA 99019
Cell: 509-979-2535
Fax: 509-924-4070
www.SpokaneRealEstateAdvisor.com
Serving Washington & Idaho
"Where Value Goes Beyond the Property"
Press release courtesy of Online PR Media: http://bit.ly/dGoZhF
Spokane, WA - Spokane REALTOR(R) John Creighton, a real estate expert in the Spokane, Washington and Coeur d'Alene, Idaho markets, says that low interest rates have created historic home buying opportunities, but that rising rates mean buyers should act fast.
Creighton, who publishes a monthly Spokane real estate market update , says that low interest rates means more buying power and lower mortgage payments. Combine that with the great deals that are available on Spokane and Coeur d'Alene foreclosures and bank owned properties, he says this could be a once-in-a-generation buying opportunity.
"For many buyers in this market, a small change in the interest rate can make the difference between being able to buy a really nice home and being priced out of the market. With rates going up in recent weeks, it's important for buyers to be proactive if they want to lock in these rates."
Creighton says the Federal Reserve has been engaging in Quantitative Easing, which is an attempt to "buy down" bond yields to encourage banks to lend at lower rates, but it has had the opposite effect so far.
"The bond market is going down, which means the 30 year bond yield, the measure that home mortgage interest rates are based on, has gone up."
Asked what this means for would-be home buyers, Creighton says that it severely affects not only the size of mortgage payments, but the amount of home someone can qualify for.
"The rule of thumb is that for every $100,000 in home value, a 1% increase in interest rates decreases buying power by as much as $10,000. This is because the higher mortgage payment increases the debt to income ratio."
As a result, Creighton is encouraging readers of his market update who may have been thinking about buying a Spokane or North Idaho home to act now.
"Now is the time to buy Spokane, Coeur d'Alene, and Greenacres homes. I think the days of ultra-low interest rates is going to be over soon."
For more information, please contact:
John Creighton, MBA, GRI, e-PRO
Spokane Real Estate Advisor
John L Scott Real Estate
1338 N Liberty Lake Rd
Liberty Lake WA 99019
Cell: 509-979-2535
Fax: 509-924-4070
www.SpokaneRealEstateAdvisor.com
Serving Washington & Idaho
"Where Value Goes Beyond the Property"
Press release courtesy of Online PR Media: http://bit.ly/dGoZhF
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