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Home prices are not really declining anymore.
We came down about 25% off of the highs and I am actually noticing pricing stabilizing.
However, For arguments sake lets assume the home you want decreases another 15k-20k from 250k to 235k-230k and let s also assume that rates tick up 1% which is likely to happen to long term rates over the next 6-9 months. You will actually end up paying a lot more for the same home.
Keep in mind the price of oil and commodities. These are inflationary indicators.
When there is inflation home prices rise and rates rise!
It may not happen immediately but rest assured history does repeat itself.
It is my opinion that 30 year mortgage rates will rise from here thus wiping out any effect a small decrease in price could have over the next few months.
Prices are the lowest they have been in years and rates are low too!
Even if prices come down a bit more long term rates are very likely to rise from here.
Long term rates are 30 Year Mortgages- This is due to many factors including inflation!
This will make the home that you buy cost you more in the in the long run.
Now is probably the best time to step up and buy a home.
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