TIMING IS EVERYTHING: INSTEAD OF SITTING ON THE FENCE, WHY NOT OWN IT?

     For those Buyers who have watched and waited the housing market over these past few years, now may be the time for you to act.

      “A combination of factors, including a high inventory of homes for sale, reduced home prices, historic low interest rates, and loosening lender restrictions are finally motivating even the most cautious Buyers who have been sitting on the fence,” stated Elaine Mallon, Broker Associate with Coldwell Banker.

      “Of particular importance, the temporary Conforming Loan limit which raised the size of a more affordable loan for Buyers, is set to expire on October 1, 2011.  Housing affordability and the time to buy is uniquely strong right now.”  Those reasons include:

 ·        HOMES ARE MORE AFFORDABLE:  Housing prices are down 27%, across the nation on average, from their peak just 5 years ago.   Great values can be found throughout the San Pedro Peninsula, Palos Verdes Peninsula, and South Bay areas.

 ·        INTEREST RATES ARE AT HISTORIC LOWS:  At 4.6%, historic low rates means you get more for your money, but they won’t remain this low forever.  When interest rates go up, the amount of money you keep in your pocket goes down.

·        TIMING IS EVERYTHING:  “Conforming loan” limits (size of a loan size to $729,750) will be reduced on October 1, 2001 to $625,500, barring congressional action.  Right now, because of the “temporary” raise in loan limit for Conforming loans, your dollar goes farther.  (Homes exceeding the “Conforming loan” limit are “Jumbo loans” and carry not only higher mortgage interest rates, but higher down payment requirements as well.)

 ·        LIVE THE AMERICAN DREAM:  9 in 10 Americans still say homeownership remains the cradle of the American Dream and their best long-term investment overall.  Remember, you can’t live in your 401K!

 ·        FINANCING IS MORE AVAILABLE NOW:  Lender restrictions have relaxed a bit now that we are over the worst of the housing crisis. There are also more lending options and programs right now.   In general, today’s borrow needs 2 years of stable employment, sufficient income to cover housing and living expenses, at least 3.5% down payment, and a credit score of at least 620.  The higher your credit score, the better rates you can secure.

     Home prices and mortgage interest rates won’t stay this low forever.  If  you are ready to MAKE YOUR MOVE NOW, call Elaine directly at (310) 544-8453 or on the web at www.CaliforniaMoves.com/Elaine.Mallon.  She is eager to help with all your HOME BUYING & SELLING needs!

     Elaine, who operates as a Dual Agent for Coldwell Banker's Palos Verdes / South Bay AND the state-of-the-art Manhattan Beach branch offices, is a Certified Negotiator, a Certified Relocation Specialist, a Certified Palos Verdes Peninsula Area Specialist, an award-winning marketing and public relations veteran, and a regular contributor to local and national on-line publications on matters that affect Buyers & Sellers today.