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Interesting Survey of 1,500 respondents

Real Estate Agent with Canyonside Irwin Realty, Inc.

Just recieved this information from one of my mortgage brokers.  Found it to be what I had expected, in that, most prospective clients have indicated they are not sure they would be able to qualify for financing. Until those who are interested check with a mortgage professional, they will be passing on some of the best property prices in years.  I have always felt that tangible assets are best to aquire during a downturn in markets.

Just watch the large commercial projects going up in your community and you will see what the smart money is doing in times of excess supply and low prices.

According to the survey, which included about 1,500 respondents, 70 percent of non-homeowners have no plans to purchase a home in the next 12 months and nearly half in the 18 to 34 age group say the reason is because it's too costly. While those in the 35 to 44 age group are concerned that they might not be able to qualify for a home loan. The survey also found that only 12 percent of the non-homeowner respondents said they expect to buy a home in the next 12 months.

When has it been more affordable???

Rates are below 6%

Home Prices are low

There are still programs...  - just to name a few    - As of 21 November, 2008, rates may change.

•-      FHA 97% financing with seller paying up to 6% of the sales price towards buyers closing costs.  Rates under 6%

•-       RD - 100 % financing with seller paying all closing costs.  - rates under 6%

•-       VA - 100 % financing with seller paying all closing costs.  - rates under 6%