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The Cost of Complacency
Boise IdahoWell it has happened hasn't it. - If you are a first time home buyer you have missed the bottom. I have tried to explain in several blogs and emails about taking advantage of the market conditions while the market was cold and the interest rate was hot. Now with a 1/2% interest rate hike last week to 5.5% we can fully appreciate the previous 4.8% financing....and we won't even talk about the rarefied air of the 3.875% financing that was available on select properties.So now you want to know will the rate come back down. The answer is maybe - but probably not. No one knows the answer,( just as no one could predict when the rate would go up). What I can tell you is we have definitely reached bottom in the under $200k price range. In the last 90 days home prices have stabilized in the sub $200k range and the ratio of sales price to asking price has increased from 95% to around 98%-99%. The 1st time buyer Tax Rebate program has been effective in getting the lower price range moving.  With the Government increasing the Bond prices to attract investors the mortgage market is not ... more

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