Don't bet the farm on interest rates
By Blanche Evans
If you're putting off buying a home because you think you can do better than today's rate, you're taking a real chance.

Elaine Quigley CRS, GRI Elaine Quigley Real Estate

Why? Because history says interest rates are at near record lows, and they only have one way to go - up.

To find out why homebuyers like you aren't buying, we went to Freddie Mac's website. There's a historical graph there that shows what mortgage interest rates have been since 1971, when the index first began. When you look at the numbers, one thing is clear - these are not normal times.

Since 1971, only three years have averaged mortgage interest rates below 6 percent: 2003, 2004 and 2005. Only seven years have averaged under 7 percent: 1998, 2001, 2002, 2003, 2004, 2005 and 2006. And it looks like 2007 is going to join that list.

Because these low interest years have all occurred since 1998, it's logical to assume that homebuyers think that 6 percent is the norm. But history says otherwise. If you put all the years between 1972 and 2006, your average mortgage interest rate would be a whopping 9.31. You'd be paying about $450 more for your home, just in interest payments.

Don't let interest rates stand in your way. There are only three things that matter when you are buying a home - getting the home you want, at the price you want, at the interest rate you want to pay.

With inventories at 11-month levels, you should be able to negotiate the right home at the right price. If you can qualify for today's low mortgage rates, consider yourself more than lucky - you hit the trifecta.

This could be that sweet spot in the market where interest rates and prices are both low. Start the New Year by taking advantage of the stars being aligned. Buy before everyone else figures it out! Call me for all your real estate needs at 508-366-3766 or visit my website at www.EQRE.com.

I would like to wish all of my friends and customers a wonderful, safe holiday season. With so much negative publicity surrounding us from the economy to world aff airs, we need to take a moment and be grateful for what we have. Take the time this holiday season to enjoy what's most important, your family and friends. Have a happy new year! I look forward to serving you in 2008!

Now is the time to buy! Call Elaine Quigley for all your real estate needs. With over 20 years of local experience you will receive the utmost in personal and professional service. Call (508) 366-3766 or visit our website, www.EQRE.com. If a move is in your plans, plan your move with me.