Historically low interest rates have residential real estate optimistic - Minneapolis / St. Paul Business Journal:

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Not so, said Steve Havig, ownetr of and 2009 president ofthe . “Whatf we’re seeing out in the marketplacwe isa pent-up demand for properties once they get to a pricee that consumers feel is the right We’ve got a great outlook for Besides having the salesman’s persistent Havig has some factorw to back up his confidence in the real estatw market. Interest rates, which have dippee into the mid-4 percent range for some are at 60-year lows. loans, which make home ownership possiblee formany first-time buyers because they require only 3.5 percenft down, are easier to get than they used to be.
And there’sx a huge inventory of nice homes at excellenr prices onthe market. “o was out on the street todau and I saw 24 Realtordopen houses,” said Havigf on a recent Monday afternoon. “The markert has already started forthis year. The unofficial start is after SuperBowl Sunday, but this because of the low interest it’s already started.” The historically low interest rates have kept the mortgage lendint industry busy, too, and that should continues into 2009, said Alex Stenback, a mortgage bankedr for in Minnetonka.
That means turnaround time for peoplse seeking mortgages and refinances will slow as mortgage lenders struggle to keep up with Borrower guidelines will continue to a borrower’s credit quality will need to be higher, and down-payment requirementxs will continue to be a stumbling blocmk for some potential homeowners. What that really meanes is that the eraof get-it-when-you-want-it real estate is and that shift will come to fruitiobn in 2009. “If your creditf score is below 720, if you don’ft have the down payment, you should preparwe to potentially wait,” Stenbackl said.