Over the past few months you have probably heard all the talk on the news programs about the lending/credit situation and if you are currently working with a REALTOR they have probably told you things will get better shortly. Last week with news of the federal government swallowing Freddie and Fannie the rates dropped around 1%. This is a huge savings if you calculate your potential monthly payment with this new rate. On top of this the Presidential election is in a month and a half. I dropped this line because a current poll of home buyers read that: 50% of them are waiting or the election to make a move.
My take: Buyers go buy now. Sellers hang in there.
It is a very good time to buy now with the way rates are looking; IF you are qualified. If you are not qualified......do whatever your lender or credit counselor says to upgrade your buying power. The way things have gone this year so far I am still a little confused as to why buyers are still sitting on the fence because I don't think rates will drop too much more and in most parts of the country I think housing prices will start show a better appreciation rate as a whole. The only sure thing is something is going to happen in the next few months including having a new Presidency about to take office. No matter who wins, I feel confident in saying Americans will have a refreshed view of our housing market and economy as a whole. Whether you are buying or selling you should consult a REALTOR for an unbiased opinion on your Real Estate market.
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