Good News for a Change!
According to Realtor.org we should be having a good 2011. Won't that be a relief? NAR thinks the interest rates will be going up and that is good news. Why? Because it will get the fence riders off the fence because hopefully they will see that they have to buy a lesser house if they don't get on the house buying band wagon now.
When rates start going up that will give reason to contact our clients through email campaigns, phone calls or whatever method you use to notify them.
Here are the Freddie Mac predictions for 2011. They don't seem to think rates will go up very much so we will have to see who is on the right track.
1. 30 year fixed rate loans are likely to remain below 5 percent throughout the year. (NAR thinks differently)
2. Prices have bottomed out.
3. Housing will remain affordable
4. Refinances will dwindle.(hopefully if that happens the lenders will be more agreeable to approving more purchase loans)
5. Delinquency rates will decline.
If this all holds true 2011 will be a great time to be a Realtor and a 1st time home buyer.