Admin

Time to buy--the big picture

By
Mortgage and Lending with Fifth Third Bank NMLS #457556

CNN Money featured a great article yesterday about home buying for those who are on the fence out there. I'll post the link at the bottom....

Amanda Gengler hit the nail on the head when she stated that #1: You simply cannot time the bottom.  Fact is even if you could buy the same house a few thousand cheaper in 6 months but rates climb you do not gain anything and likely end up losing.

In fact, talking with some agents in the Cincinnati Ohio market as an example, they are noticing significant improvement in marketing time in several parts of the metro area.  Many more listings are pending in less than 30 days over the last few weeks.  For Cincinnati in general, the bottom may have already been reached.  I'll be curious to see when some new sales figures come out for May there. 

Amanda goes on to point out what many of us have been saying all along "...fixed mortgages don't directly follow the Fed"  (Thank you Amanda)  I get so tired of these idiotic cartoon banner ads all over the web with teasers for 4% loans.  The fact is rates in the low 6's are still near historic lows and many economists voice the opinion this may not continue regardless of what the Fed does going forward.

Here is the link: http://money.cnn.com/2008/05/01/real_estate/new_rules.moneymag/index.htm?postversion=2008051213

 

Thanks for reading

Kevin

 

Pam Joffe
Solaris Realty - Tampa, FL

Good morning Kevin- Amanda has it right. The people on the fence should get off and buy now! Have a great week.

May 13, 2008 02:39 AM
Kathy Fisher Sells Lexington TN homes! 731.845.3413
Five Star Real Estate Services - Lexington, TN

Great information Thanks for posting it. Now IS the time to buy... there is little if anything to be gained by waiting. 

May 13, 2008 02:47 AM
Joshua Wethington
Prudential One Reltors - Troy, OH

I work the area just north of Dayton, OH, and have seen the same indicaters you mentioned in the Cinci area. Several home listed by our office in the last 30 days or so we where sure would ba there a while at that price. But no they where contracted within several days of the listing.

This is very good news.

May 13, 2008 02:52 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I saw the article yesterday and felt, as well, that it hit it right on target.

May 13, 2008 03:07 AM