Consumers are very eager to take advantage of the record low 30-year home loan mortgage rates. However...the process of getting a mortgage has changed. I recommend that buyers be prepared with documentation to provide to lenders and understand that patience is a virtue, the reward will be the pride and satisfaction of owning your own home.
The average sold price of a home in Upper Dublin Township has gone up from $447,090 in August 2009 to $486,583 for August 2010 so far. Nationwide the median price of houses was up by 1.55. Mortgage applications to purchase homes also went up for the fourth straight week.
At this time last year the 30-year Fixed Rate Mortgage (FRM) average was 5.29%. This past week ending 8/12/2010 a 30-year FRM averaged 4.44% breaking record lows. These low rates are helping to stabilize the local housing markets by increasing homes sales.
What does this potentially mean for homes for sale in Upper Dublin. It means it is a fantastic time to buy a home in Upper Dublin and take full advantage of these wonderfully low mortgage rates. For sellers it also means it can be a great time to sell. Buyers can get a little more for their money with record low mortgage rates making it more affordable to purchase your Upper Dublin home.
First time home buyers that missed the opportunity to purchase a home and benefit from the tax credit now have another chance. I guess it's true, when one door closes another door opens. For more information about buying, or selling in Upper Dublin, Blue Bell, Horsham and the surrounding areas visit me at MarionFreedman.com, Opening the door to your dreams.