Wednesday, July 6, 2011

Is it the right time to buy?

In my opinion....YES!

Las Vegas has been hit hard by the recent events in our economy.  We are a city of nearly 2 million people with currently a low cost of living.  Homes are selling for 30-65% LESS than just a few years ago!  From what I can tell is we are buying homes in 2011 at 2001 prices but there is a difference.  Interest rates.

Interest rates are extremely low when compared to 10 years ago.  January of '01 our prime interest rates were around 9% while today we sit around 3.25%!  If I did my homework correctly, the last time prime was this low was 1955.  So what interest rate can you expect to pay on a mortgage?  4.75% or so.  What this means is money is very cheap to borrow right now, take advantage of it.

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