If you want to buy a house, it just got a little easier! Mortgage interest rates have dropped since January, when a 30-year loan was at 4.68%, to 3.75% for a 30-year FHA loan today.
Experts expect rates to stay low and some are even predicting they could drop more. That’s great news this Spring!
While lower mortgage rates typically herald increased home sales, here in Eugene, wanting to buy a house and actually finding a house to buy are different animals entirely. An ongoing housing shortage in Eugene makes it difficult to get excited about house hunting.
There is hope, if you know where to look. Creative bidding and opening your options to include properties you might not have first considered can give you an edge over other buyers.
Options that could make you a property owner include condominiums and rent-to-own properties. If you’re handy, you can also check out fixer-uppers. Depending on your talents, you could score big on a home that needs a lot of work.
Homes in foreclosure could be another option. Be prepared to work hard to find a foreclosed home. You could find yourself writing a lot of offers before you get a return.
No matter what avenue you pursue, be sure to get your ducks in a row before you start bidding on any home.
Smart moves include:
Interest rates are looking good right now and if you want to buy a house, your perfect home is out there. Take your time, do some research, and work with an experienced realtor. Before you know it, you’ll find a home that works for you and your family.