Finally, the media is joining in with what has been happening in the Greater Greenville market! I received the following through an email from Lowe's (I like their real estate keep in touch program by the way). In the Greenville SC Metro Area these things have been true the whole recession. We have had a small dip in sales but overall we are strong and houses are moving. Interest Rates are PHENOMENAL, homes are in good shape and loan programs are still available to purchase (depending on the area we still have 100% financing).
Just as a point of reference if the interest rate goes up 1% and you're buying a $200,000 house, you can then buy a $175,000 house. All figures are approximate.
Five Smart Reasons to Buy a Home Now
RISMEDIA, July 30, 2010--The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.
ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system - and this is just the opportunity that owners of many desirable properties have been waiting for.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.
5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.