Low interest rates proves perfect timing to buy a house - WGEM.com: Quincy News, Weather, Sports, and Radio

Low interest rates proves perfect timing to buy a house

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QUINCY, Ill. (WGEM) -

The National Association of Realtors reports that home sales rose more than nine percent from 2011 to 2012.

Mary Bockenfeld, a realtor with Zanger and Associates says now is a great time to buy a house.

She says that when she bought a home in the early nineties, interest rates were over eleven percent, but with the interest rates we're seeing now - she says depending on the type of loan you get you could see one as low as 2.75 percent, people are able to buy a better home and still keep the payments within a price range they can afford, "My goodness. When you have an interest rate with what it is right now, you can go ahead and buy a little bit better home and still keep a payment within your range. So why wouldn't you go ahead and buy another home?"

Bockenfeld spoke very optimistically of the economy. She said trucking companies are doing much better now as well as others. She says that it all goes right along with the housing market which has lead the economy out of recessions in the past.

Historically, the housing market has set the precedent for what the economy will do.

Leo Zanger at Zanger & Associates has been in the real estate business just over fifty years, and he says he's optimistic about the economy and the housing market as well. In fact, he says the Quincy area never saw the crashing housing market other areas in the nation saw, "I guess it's just because Quincy and the people in Quincy have steadily enjoyed the area and then they tell their friends and relatives Quincy's a good place to be."

Zanger believes the reason Quincy hasn't seen the housing dip is because it's such a great place to live. He says it's listed as a top place to live and, one of the top places to raise a family. And, he says, with so much rural area around, Quincy is really a staple for people to go. It's a real boost for the local economy, he says.

Boasting five-year highs on home sales for 2012 and interest rates at record lows, you may be wondering what you should do if you already bought a house.

Many many people did buy homes during the national housing crash.

"As you build equity in that and build your credit - especially young buyers - they can refinance now."

Zanger says a lot of folks are refinancing from a thirty year to a fifteen year, getting an even lower interest rate because he says sometimes when you first get into a home, you have to pay a little bit higher rate depending on your credit score.

Zanger points out that he believes Quincy has a very steady housing market and a very steady economy and he reasons this is a good thing that means only a steady incline for both as he says we've been seeing already.

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