Well its the 1st day of spring. Late winter flew by-with all the changes that have occurred in the economy and in the housing market. I often wished I had time to update the Blog...so much going on. We understand this year 40% of the buyers will be 1st time home buyers and 20% of home buyers will be single women. Of course with the 10% or $8000. stimulus for 1st time home buyers (Defined as anyone who has not owned a house in the last 3 years or longer) . Now we hear that interest rates will be in the 4-4.5% range. Houses are already at 6 year lows...awesome time to buy a house. ..of course you will need to have 3% down, a job and strong credit, but that is how it should have been all along.
Consumer confidence in Real Estate should increase this spring. If you are in a financial position to buy a house-truly this is the time, but stick with mainstream type loans. We have already heard of people trying to monkey around with the stimulus money-get it before you have actually bought the home and then use it as a downpayment. If it doesn't ring true with what seems logical. If step 1 of the mortgage is to defraud the IRS, I would be skeptical to the point of running out the front door.
But, if you qualify, act now. I hate to sound paranoid or pushy or be giving a sense of urgency for no reason. Frankly, comming from a salesman-never believable. But I am concerned when the people who can best benefit from the perfect storm for buyers-hesitate because they want it to get even better. I guess it could, but I would doubt it. It will pass though-and that's the point I want to impress. These circumstances didn't exist before and they won't last forever.
While the Spring has arrived and while we find ourselves in the circumstances that we are in, let us make the most of what we have.
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