I have been hearing for months, now, that the government money pumping up the lenders runs out on March 30, 2010. We have lived with these low interest rates for so long that it seems as though it will be forever. How well I remember the high interest rates of the 1980's, because that is when I bought my first home. During those times, a 7% interest rate seemed like a steal. Now, we are used to 4% and 5% loans, and it has lasted so long. We knew it had to end, but the reality just hasn't sunk in.
Yesterday, I was meeting with a lender with one of my clients, and he said, "It ends tomorrow." The reality finally hit me at that moment, sort of like waking up from a dream.
Please, buyers, get out ASAP. Call your favorite real estate agent, today. Find your dream home, and take advantage of those credits (first time homebuyer credit or the move up credit), if you can, and the low interest rates. As of today, they start going up for real.
Cathy Glass, Realty Executives Associates, 865-693-3232