Honest, I just heard this on the news. Apparently, the feds are hoping to shake up the economy by dropping interest rates. How much that will affect mortgage interest rates, who knows, but, we can only hope. I do think the rates are already low.
The increase in taxes in our market area is what is keeping the payment too high. Our property taxes are very high, increasing every year. Some towns even phase them in over five years!
In the state of Connecticut, our conveyance tax, which is paid by the Seller at time of closing, has been voted in for yet another year. It started as a "sunset tax". temporary, to help out the towns with their over spent budgets. They have continued, every year, to vote to keep it for the last 5 years. The lawmakers are keeping it current, every year. It used to be .012%, now it varies from town to town, starting now at .023% and higher. So, until July 1, 2008, Sellers will continue to pay more on the conveyance tax in the state of Connecticut. Call your legislatures, tell them to stop the sunset tax.
With the interest rate drop, will it help the Sellers by attracting the Buyers to purchase? Let's hope!
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