The short answer is yes we will see at least a mini boom of refinances. Bargain shoppers will also scoop up second homes and long term rental properties. The combination of super low house prices and near record low mortgage rates is a rare opportunity that some Florida experts are saying have not been better in twenty years.

Will this surge of business cause prices to move up? Probably not. There is just too much inventory.The general public and quite a few real estate investors are scared and have been burned by over leveraged depressed investments. Many newbies will stay on the sidelines because of the bad press and fear about real estate. The sad truth is now is a time where anyone that can get a mortgage and hold rental property for a few years will make a killing. Taking action now is more important than what you buy. What is down now will move back up. The ultra low cost of money will not last so act now.

It is more important now than ever to have our real estate priced right. The real buyers out there will be looking for incredible deals.

Oh and in case you were wondering what mortgage rates are right now: 5.50% 30 yr fixed  and 5.125% 15 yr fixed

I am really excited to be in the middle of this brewing market.

What do you think?

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