Everybody and their dog from TV and Radio is going to be advising you to go out and buy a house. If you are smart and in the know you will hear it first here at the Oklahoma City Real Estate Blog.
The Fed said Wednesday that it would put over a Trillion Dollars into the economy.
$300 Billion Dollars of Long Term Treasuries.
Another $750 Billion Dollars of Mortgage Backed Securities.
Purchase of Freddie and Fannie debt of up to $200 Billion Dollars.
Keep the Fed Fund Rates between 0 and .25 for a long time.
What does this all mean? It means interest rates are going down and the Fed has got your back.
How do you take advantage of this. Buy a house and find it quick. The ridiculously low interest rates along with the First Time Home Buyer’s Tax Credit is going to heat up the market. The builders have quit building. There is over three years of pent up demand for housing and when they come flooding back in the supply will not be there. I know there is a lot of supply but when you subtract all the busted up foreclosure that most do not want or can’t get financing for you have very few houses. I will say it again there are very few good houses on the market for serious buyers and as the army of sideline buyers enter the game, prices on good homes are going to go up. So in short, if you do not move quickly you will pay more for your house and you will be talking about the chance that you missed. If you wait for the statistics to show this or you are waiting for all the reporters to tell you now is the time to buy a house you are going to miss the boat. If you want to hear someone call a bottom to the housing market. Here it goes.
This is the bottom of the housing market.
If you buy a house now you will be rewarded. There you have it.
Joel Garcia
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