Things have definitely slowed down since the tax credit expired. However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.
It was predicted that interest rates would rise to around 6% in 2010. No one was ready for this latest drop, below 5%! Some are now saying we could see rates as low as 4.5% again!
How Low Can We Go?
We now have a great combination for buyers - prices have backtracked to 2003 values and interest rates are below 5%. Some say prices have another 20% to fall, but I'm not a gambling person and with these low interest rates right now, I'm not sure I'd want to wait if I were thinking about buying.
What if prices don't fall another 10% or 20%? What if interest rates…