Rates
In Rolla, Missouri an individual can get a 30-year fixed rate mortgage for 5.75% right now. The rates have been at 6% or less for the last month or so. There have been fluctuations with the rates going as low as 5.35% for a 30-year fixed rate. Fifteen-year mortgage rates have been as low as 4.5%. Most people believed we would never see rates this low, and there are many reasons to believe they might not be at their lowest yet. These are some of the lowest rates we have ever experienced in this country. Lenders are cracking down a bit on whom they offer loans to because of all the foreclosures out there right now. They are requiring a bit higher credit score to qualify for the "peak" rates, but even a less than "peak" rate still stacks up pretty well. A credit score of around 680 (along with the other set of requirements and checks the lenders run) should qualify you for the best rates available.

Inventory
Right now, the market is saturated with listings. The Rolla and St. James, Missouri areas do not have nearly as large a problem as many of the major metropolitan areas, but there are still many homes out there. These homes are at just about every price point a consumer could want to look for, which means there is something out there for everyone. In this area alone, there are around 350 residential listings available (not including farms and commercial properties), which is quite high, especially for this time of year.

Time of Year
Real Estate is a very seasonal industry. The prime time to sell real estate is between March and August each year. The worst time of the year to sell is between December and February. People are spending money and traveling for the holidays or working on their taxes... but most have not seen any benefit from tax refunds yet. The weather is cold, and people just want to stay inside. Whatever the reasons may be, sellers get antsy. Seeing their home get very little activity over the winter months stokes their negotiating fire a bit. Compound this with the fact that the news is predicting a real estate doomsday, and you have a recipe for outstanding deals. Some of the shrewdest negotiators get their best deals during this time, by taking advantage of sellers’ anxiety.

By combining all these factors, you are left with a market perfect for buyers to set themselves up well for the future. An individual can purchase a home at a potentially rock bottom price, while paying rock bottom rates, while still finding the perfect home for their needs, because there are so many to choose from. The only question left to ask is this: why are you sitting here reading this article instead of calling me to make an appointment to look at a house?