Buyers Market Update for New Orleans Condos, Interest Rates drop Big Time!
November 26th, 2008 categories: Market Trends
Interest rates dropped to the mid 5% range for a 30 year note. This is the lowest I can remember rates being in the last several years. This is a key indicator of a buyers market along with an ample supply of willing sellers. I expect the rates to remain volatile so if you can take advantage of them its a great time to find a deal. No telling when they will go up.
With that said you still want to search for the condo that will have the best chance of reselling in the future. A .5% drop is equal to $64 per month on your note. You should also be able to get a seasonal discount as well due to the timing of your purchase. Less Buyers are in the market this time of year.
There is a decent supply of condos on the market at all price ranges but it still remains easy to get to the top 5 choices once I know the price range and type that you want. You can basically still see all the availiable units in an afternoon. Just did it Sunday in the Warehouse District.
[...] a feel of the Warehouse District Condo market before getting into the numbers. It is definitely a Buyers Market but the supply is not overwhelming. Many sellers are still asking too much for what they are [...]