When I bought my house nearly nine years ago, my mortgage broker practically screamed that 2004 was the best year to buy house.
He assured us that mortgage rates had hit rock bottom and that if we didn’t buy a house then, we would be sorry.
To be fair, we did profit from a good rate.
However, my broker was bit off on the whole rock bottom thing.
In 2004, I secured a rate of 5.3 percent. This month, the national average rate for a 30-year fixed mortgage is 3.91 percent, according to Freddie Mac.
It seems that both brokers and real estate agents have been reciting the same mantra for nearly a decade: buy a house now or wait and risk a bump in interest rates and prices.
On Monday, the Realtors Association of York and Adams Counties put out its latest round of housing data.
On Facebook, I asked followers of the the York Daily Record/Sunday News ” If you were to put your house on market today, what would be the price? How fast would it sell?”
Here’s what a few people had to say:
— Buyers want cheap!!! So even if your house is priced to sell they still say price is too high!!! I know from experience!! — Sally McMaster.
— Home values have dropped so much, I wouldn’t even consider selling right now. — Dorothy Wood.
— Less than I paid, forever.– Michelle Kimberly