It's 6:30 PM on Columbus Day. My phone hasn't rung for business all day. I am a bit dismayed that with the market conditions that we have, more buers are not out there looking for their dream home. I think that the news media is really frightening away all those first timers. The interest rats are still dynamite. Somewhere in the 6% - to 6 .75 range. Wow..when my husband and I built our home 20 years ago, the interest rate was 14% and falling. We fixed in at 11% then a year or so later modified our loan to 7.25.. 2 yrs ago we modified again to 6.185%.
So it's not the rate, prices are really excellent, FHA has 3% down and the sellers can still contribute. So what is holding the buyer back! Hummm.
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$7500 1st time buyer's credits..
- higher FHA loan limits
- low down payment
- Seller contributions still OK
- Real tax write offs
- so what' up here??
- Anybody out there have any clue?
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