The facts are in. The tax credit definitely improved sales volume as we saw pending home sales rise for at least three consecutive months. Median home pricing has actually risen in some markets.
But let us not forget that the core intent of the program was to prime the market and create a steady flow of transfers long after the credit expired.
That, it seems, has not happened. In fact, in a report generated by the Mortgage Bankers Association this week, the volume of new mortgage applications for buying homes hit a 13- year low, and is 35% lower than just a month ago.
This is quite telling, as buyers are the most important cog in this wheel, and without them the market goes nowhere.
So, if you are a buyer and are feeling remorse about not finding a home during the credit months, don’t despair. In fact, I say congratulations - you just put yourself in a position to do better than ever on your purchase.
Good news for buyers
- Freddie Mac announced that ending this week (June 12,2010) the average mortgage rate on a 30 year loan was at 4.72%, (down from last week) which puts rates just a fraction above December 2009s record low of 4.71%
- In truth, it’s tougher to get a mortgage now than ever. Banks are taking a very conservative approach, which in turn decreases the buyer pool even more. So if you have excellent credit, you are in a great position to take advantage.
- There is still an amazing amount of inventory to choose from. You just need to know which homes to zero in on.
Buyers: This is your time. You are the commodity. You have the leverage!
Don’t decrease that leverage by not using a BUYER'S AGENT.
By not engaging a BUYER'S AGENT whose fiduciary duty is to you, many of the advantages you have in your favor will be negated.
Investing in Hampton's property is serious business, and we take your venture very seriously. Call us. Hear what we have we have to say. Find out more about the advantages of a buyer’s broker. Find out more about the advantages of Hampton One Real Estate Group
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