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Are we there yet? Are we there yet? Are we there yet?

When will we hit the bottom? What is a good interest rate? What is the best interest rate? These questions will plague buyers for the coming months as they try to decide if this is the right time to buy a home.

Today, Barry Habib, the Mortgage Market Guy, had this to say:

"Existing Home Sales surprisingly came in a bit better than expected, at 4.7M when estimates were only for 4.40M. Perhaps the current low interest rate environment we are operating in - combined with firesale prices on many homes - is helping more homebuyers see the wisdom in finally getting off the fence. The arrival of this positive news is driving Bonds a bit lower in early trading."

Where will you be when prices and rates are on the upswing?

Posted by Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant on 01/26/2009 12:01 PM

Comments (14)

Home Prices in the Mortgage / Finance Channel

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14 Comments on Are we there yet? Are we there yet? Are we there yet?

JAN

Hi Fred,

are you doing ITIN programs or know of anyone still doing them?

Fred... keeping my fingers crossed.

Angelia, I should know what ITIN is but don't. Is that the alternate to a social security card? If it is, the answer is no.

Cross them for me too Eleanor.

Fred: I hope we're there!!!! I'm also keeping my toes crossed! One can never have too much luck!

Well done Cecily. I will check Saturday to make sure you still have them crossed.

I really think that we have hit the bottom already. HERE (link will open in a separate window) is a post I did a few weeks ago where I detail why I think that.

We have seen such a flurry of activity this week that there must be people thinking we have hit bottom -- got a call today that another of our staged homes sold this weekend. (Either that or only our staged homes are selling!).

Fred - As you stated, the report came back today being 6.5% higher but I think some of the hesitation is still those darn prices. Not that the house is priced too high, but the fact that houses continue to lose value. As I talk with others about the market, that seems to be the feedback I receive. Not a high percentage of people, but it was mentioned along with other things. I just found that to be an interested comment because the values WILL come back. Maybe not as high as they were, but houses just get better in value over time. I know I can't buy my parents house for $36,000 like when they bought it. I CAN buy a house for that price, but not their style and size.

Rich - It is possible, I hope you are right on the value bottoming out but I am waiting until interest rates get to me negative and then I will refinance. LOL

Margaret - Must be your staged homes that are doing the trick.

John - There is no way you can buy a home for that price here, even at fire sale prices.

Its not in my area either, but there are some located around Dallas.

Fred I hope we are near the bottom, my savings account certainly is near the bottom. I'd like to look back a year from now and say, whew, I made it through. Otherwise I'll be working somewhere else to support my real estate habit.

JAN

Wow John. That is a heck of a price for a house. Of course, I bought a home in Oklahoma for $20,000 in the late 70s.

Tammy - Survival is really important. Keep your chin up.

Fred, many consumers are holding out for the rates to go lower or the house prices to drop more. The thing that they do not realize is that they are gambling with their future here.

It is going to be an interesting time when we know that rates and prices are actually going up, isn't it Danny?

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