Albuquerque, NM – With the long-anticipated end of the Federal Reserve's so-called QE2 coming at the end of the month, Albuquerque real estate agent Joe Maez says the phasing out of this technique of government-induced low interest rates will likely mean rising mortgage costs for buyers in months ahead. According to Maez, that means buyers need to act now to lock in historically low rates.
While the Fed remains undecided what monetary policy to implement in coming months to nurse the economy along, Maez says they have made clear that they don't intend to pursue QE3, a third round of Quantitative Easing that would seek to artificially lower interest rates.
"If the Fed stands by its previous statements not to engage in QE3, it can only serve to raise interest rates for anyone buying Albuquerque homes. That means the cost of home ownership will go up regardless of what home prices do."
He says that even if home prices stay the same or go down, a rising interest rate environment means buyers get less house for the same monthly payment than they did before.
"If I had been thinking about buying a house but putting it off for whatever reason, rising interest rates would get me off the sidelines. Now is the time to lock in historically cheap money and get into a better home for it."
With the combination of very low rates and home prices for New Mexico real estate, Maez says it's hard to imagine a better buying opportunity for buyers.
"For those sitting on the sidelines, this chance of a lifetime may be going the way of QE2."
For more information, contact:
Joe Maez
New Mexico Real Estate Agent
8100 Wyoming Blvd NE
M4 #234
Albuquerque, NM 87113
505-401-5775
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