Despite News Reports, Now is Excellent Time to Purchase a Home, Expert Says
There is no housing bubble!
Riverside, CA -- (ReleaseWire) -- 10/11/2006 --Despite news reports of rising home mortgage interest rates, now is an excellent time to buy a home, according to Darren Orshoff, co-host of the CBS Radio show The Home Ownership Roundtable on 97.1 FREE FM in Los Angeles.
“Home sales have slowed,” Orshoff acknowledged. “However, current interest rates are still historically low and industry experts predict that 2006 will be the third best in history for home sales.”
Current 30-year fixed rate loans are averaging around 6.5 percent or lower. Just six years ago, the average 30-year fixed loan rate was at 8.5 percent. In 1990, the average was 10.5 percent.
“While rates aren’t as low as they were three or four years ago, the market has changed dramatically in recent months,” Orshoff said. “It is now a buyer’s market with a solid supply of new and existing homes available on the market. Many builders and sellers are offering discounts or extra amenities to spur sales.”
Many of the regulations for option-type loans with interest-only payments have been stiffened to better protect home buyers, Orshoff added.
Another factor favoring home ownership is the dramatic increase in rental rates across the country.
Home equity and tax advantages are two major factors that favor home owners versus renters, Orshoff said.
“We have several programs to help first time home buyers, move-up buyers and refinancing plans. Many of these programs offer low down payments and little out of pocket expenses by the buyer,” Orshoff said. “It’s important to work with a professional real estate agent and loan originator during the buying process. As a loan originators, we can assess a person’s credit situation and get them pre-approved before even looking for a home. That serves two purposes. One, the buyer knows exactly what they can afford and two, it puts them in a better bargaining position when dealing with the seller.”
For more information about home financing, contact Orshoff or anyone at the Home Ownership Roundtable toll free at (888) 971-TEAM, listen every Saturday at 1 p.m on 97.1 KLSX Free FM or streaming and podcating online at www.971roundtable.com.
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