Waiting to Buy in Desert Mountain may be Expensive

Are you waiting to buy your next home in Desert Mountain Scottsdale? If so, you may want to rethink your timing. Waiting might cost you more money in the end. Homes are already half the price of what they were just a few years ago. Economists in Arizona are predicting that we are either at or very close to the bottom of the market. This means that there has never been a better time to buy real estate in Desert Mountain. One of the largest risks home buyers are taking by waiting is the potential increase in mortgage rates. According to the Mortgage Bankers Association, if the Feds moves ahead with their plan to stop buying mortgage-backed securities at the end of March, the rate on a 30-year fixed mortgage is expected to increase. This increase in mortgage rates will be by nearly a percentage point from today’s 5.18% to 6.1% by the end of 2010. Even with a home as low as $900,000 that is a $522 increase in the monthly mortgage payment. This is a huge difference in the monthly carrying costs of a jumbo mortgage.

Call me to help you find your Desert Mountain dream home. I specialize in helping home buyers in North Scottdale’s premier golf communities including Desert Mountain, Desert Highlands, Estancia, Troon North and others.