Amarillo home prices, record-low interests make for happy buyers
Tue, 27 Dec 2011 21:46:41 GMT —
Real estate agents say Amarillo has a reputation for more affordable homes, and that combined with record low-interest rates can satisfy home buyers.
Some realtors believe interest rates will not go up until the end of next year, but there is still no guarantee.
"What may happen is if you wait, the interest rate that you used to buy your home may go from three and three quarters, four percent to five percent," Prudential Real Estate Broker Greg Glenn said. "So, your cost and affordability will rise, too."
Inflation is another factor Glenn recommends prospective buyers keep in mind. That factor alone causes interest rates to rise.
Increased government lending is an incentive for some buyers. Those who qualify can receive a loan of up to $270,000.
"The interest rates are so low," First United Bank Mortgage Division Vice President Gaye Martin said. "I mean, this is an all-time low interest rates market and whenever you can get a 30-year mortgage rate around four or four-and-a-quarter, most certainly makes your housing expense a lot lower."
Given the local home prices and low interest rates, some experts are agreeing now rather than later is the time to purchase that new home.
"It makes today a better choice," Glenn said.