Expert: Time to Buy Could Be Now

Reported by: Jacob Long, WMBD/WYZZ-TV

Monday, Jun 15, 2009 @06:17pm

NORMAL -- If you're looking for a place to call home, the time to buy is right now. That's according to one local bank president who says people should take advantage of low interest rates while they still can.

Larry Maschhoff has been in charge of Bank of Illinois in Normal for more than two decades. Monday he presented new data to residents to help them make a move in this tough economy. Maschhoff says interest rates on home loans are increasing.

For example, his data shows interest rates on five, seven, ten and thirty year loans have all gone up in the past month. He credits the spike to an economy that's starting to rebound. Maschhoff says it might be hard to believe, but consumers are showing interest in buying again.

Locally, he believes strong industry and business are what has helped McLean County survive this economic storm. But, he does not think we're in the clear just yet. "We've decreased pretty much in average with the national markets. However, our unemployment is better. That's one area we're clearly better at. But, consumers have slowed their purchases on many things. You can see it in almost every category," Maschhoff says.

McLean County has one of the lowest unemployment rates in Illinois. It's at 5.9% while Peoria County is at 9.6%.