Spring can be the time!

When it Comes to Mortgage Rates and Buying a Home, Even
President Obama Has Strong Opinions: Spring Could be the Time

With the spring home-buying season in full bloom and great prices and low interest rates available, there's no shortage of real estate prognosticators urging Americans to buy, sell or refinance. And at least one new Washington, D.C. resident -- President Barack Obama -- believes now is as good a time as any in the past 40 years to buy or refinance a home.

"I think for so many people around this country, the essence of the American Dream is owning your own home, being able to have that piece of property that is yours, that allows you to raise your kids, that represents your single biggest investment," Obama said at a housing roundtable discussion in April.

"What you've seen now is rates are as low as they've been since 1971," he continued. "So the main message that we want to send today is, there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates."

What does this mean for home buyers in Northern New Jersey?

"The fundamentals are in place for a buyers' market – excellent mortgage rates, good inventory, great prices and sellers wanting to price their properties to sell," said Mary Ellen Courtney of Gateway Realtors based in Hasbrouck Heights.

Even hard hit markets like Los Angeles are seeing signs of stability, which could point to a trend nationwide. According to a recent story in the Los Angeles Times that assessed the local market, "Southern California home prices held steady for the third straight month in March, a sign that the housing slump may be near its bottom."

"There are a lot of people who could afford to own for what they are currently paying in rent or slightly more," said Courtney. "But they just aren’t aware of how favorable conditions are for them."

"Some day, people will look back and say, 'Remember in 2009, when it was one of the best buyers' markets in decades, with inventories up and mortgage rates at historic lows… and we sat when we should have jumped in?,'" said Courtney.

eard more than a few people say this truly could be a once-in-a-lifetime opportunity," said Courtney.

On the subject of refinancing, Obama said, "Our housing plan has helped lead to a spike in the number of homeowners who are taking advantage of historically-low mortgage rates by refinancing, which is like putting a $2,000 tax cut in your in pocket."