Ben Bernanke... The world hangs in the balance upon his words about the American Economy.
Which way are mortgage rates going? Ohhhhh my!!! Such an important question! The answer could save you thousands, if not tens of thousands over the life of your mortgage!
From Ben Bernanke's speech yesterday(06/19/2013) the Fed is pushing to scale back bond purchases towards the end of Q3 start of Q4. Additionally, "Big Ben" noted at the FOMC meeting an end coming to the "American printing press" or the unparalleled bond-buying spree started December of 2008 and in periods of times subsequently.
A confident Bernanke stated at the press conference:
Lately, a very prevalent question has been frequently asked,
"Matt, what season should I buy Gulf Coast Real Estate?"
Yes, the housing market is cyclical, but not particularly on a month to month basis. Rather, it is long term with ups and downs over a number of years in correlation with interest rates and economic health.
I have not researched the data on a month to month basis to give everyone a solid answer to this perplexing question till now. Most customers are thinking the rental season will be over after the first week of September and sellers will be wanting to sell because loss of rent will start. I say, it is up for debate. My initial thought is more sellers who rent to vacationers would list their vacation properties in the offseason
Once upon a time I use to listen to morning radio at a gas company construction job I had in the past. From those times I remember the ever-so sarcastic, Paul Harvey, and his famous catch line, "Wake Up A'merica"! Well, I want to play off him a little bit today and say, "Wake Up Coastal Real Estate Buyers!"
Everyday mortgage rates are inching upwards and so are prices. I cannot stress enough how important it is to act now if you are interested in Coastal Property. The National Association of REALTORS is predicting rates to rise as high as 5% by this time next year. Couple those statistical factors in with the ground work being laid for new developments, restaurants, and businesses progressing to our area and the upward trend will continue.