Rates are Down, Home Sales prices are down, Why are you waiting to buy your next home? FEAR? Of what? That you may buy too early and miss that quarter percent decrease in the mortgage rate?
Maybe, fear that if you purchased now you'd miss buying at the very bottom of the market.
Possibly you've been listening to the news propaganda about mortgage companies aren't lending any money. Whatever the reason get over it.
The market today is the best buyers market in years. An overabundance of inventory has home prices the lowest in years. Will the prices go lower? They might slowly inch down a few thousand dollars more. I can assure you this though, when they start to go up, they will rise quickly. Not by thousands mind you , but by tens of thousands of dollars. Overnight the prices will escalate. Don't try to time this market, you have a very slim chance that you will hit it at it's lowest.
Sellers that have been in their home 5-7 years will benefit by selling now and buying at a lower price. If the seller has refrained from mortgaging the propertry to the hilt, there should be sufficient cash out for a sizable downpayment on a move up home or retirement place in a down market.
As for mortgage companies not buying paper, people buy and finance houses everyday. The mortgage companies are justing waiting for your application.....and...................
President Bush just signed the Economic Stimulus Bill which includes a $600 check to most Americans and $1200 + for married househoulds with children.
The House package includes raising the limits on "conforming mortgages" financed by Fannie Mae and Freddie Mac to $729,750 from the current cap of $417,000 through December 31. It would also indefinitely raise the limit on Federal Housing Administration-backed mortgages to that same level from $362,790. Such a move is expected to lower the interest rates on those high-cost loans.
Greg Flanagan is a full time Realtor with Exit Realty Charleston Group. He can be contacted at 843-818-8867 or email gflanagan@exitcharleston.com http://www.thatguyrealestate.com/
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