A: There really is no downside. The economic forecast remains uncertain, but, if borrower(s) qualify for their mortgage, there have been few times when the mortgage market was so favorable. Interest rates for a 30 year fixed rate mortgage have been hovering at 1950's levels for months and remain at that level today in spite of rate cuts, stock market fluctuations and losses, and bailout schemes and rumors galore. The inventory of existing homes is exceptional. There are ample homes in all price ranges, and locations.
Information from The Office of Housing Enterprise Oversight (OHEO) tells us that Oklahoma ranks number 10 in the nation for housing appreciation. This nugget of information lets us know that our Oklahoma housing prices are appreciating faster than 40 other states. Another valuable piece of information from the OHEO website is that a home purchased in Oklahoma in 2005 for $100,000.00 would now be worth $115,000.00. Oats says “This is certainly not an appreciation factor that would significantly affect your net worth, but not bad for an asset that you lived in and enjoyed, wrote part of the expense off on your taxes, and used as an excuse to supplement the income of plumbers and other home repair folks."
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