As rates continue to rise with the Fed meeting this week, June 28 and June 29th, the ever present question on the consumer’s mind is “Is NOW the right time to buy”. The answer to this question is different for every consumer. The variables that contribute to one’s financial ability are both controllable and uncontrollable. For example, credit scores, liquid assets and income are all controllable variables that affect a buyers ability to purchase. Interest rates, inflation, and home prices are uncontrollable variables that affect one’s abilty to purchase. So the answer to the questions is, YES the uncontrollable variables are favorable right now to individuals with the ability to purchase a home. However an individual with poor income, credit or assets should work to improve these variables and purchase. Our goal as Loan Consultants is to educate and advise our clients of THEIR current abilities and allow them to make their own decisions on what to buy.
June 29, 2006