Are we there yet? Are we there yet? Are we there yet?

By
Mortgage and Lending with Guild Mortgage Co - Oak Harbor WA

When will we hit the bottom? What is a good interest rate? What is the best interest rate? These questions will plague buyers for the coming months as they try to decide if this is the right time to buy a home.

Today, Barry Habib, the Mortgage Market Guy, had this to say:

"Existing Home Sales surprisingly came in a bit better than expected, at 4.7M when estimates were only for 4.40M.  Perhaps the current low interest rate environment we are operating in - combined with firesale prices on many homes - is helping more homebuyers see the wisdom in finally getting off the fence.  The arrival of this positive news is driving Bonds a bit lower in early trading."

Where will you be when prices and rates are on the upswing?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
Oregon Lane County Eugene
Groups:
Realtors®
Mortgages
1st Time Buyers
First Time Homebuyer
Club Chaos
Tags:
purchase real estate
real estate loan
lower interest rate
eugene springfield
are we there yet
lower price purchase

Spam prevention
Show All Comments
Rainmaker
238,410
Angelia Garcia
Pure Realtors - Dallas, TX

Hi Fred,

are you doing ITIN programs or know of anyone still doing them?

Jan 26, 2009 06:58 AM #1
Ambassador
273,238
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058
Fred... keeping my fingers crossed.
Jan 26, 2009 07:23 AM #2
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Angelia, I should know what ITIN is but don't. Is that the alternate to a social security card? If it is, the answer is no.

Cross them for me too Eleanor.

Jan 26, 2009 08:18 AM #3
Rainer
55,339
Cecily Parks
iMove Group, Knipe Realty NW, Inc. - Salem, OR

Fred: I hope we're there!!!! I'm also keeping my toes crossed! One can never have too much luck!

Jan 26, 2009 09:46 AM #4
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Well done Cecily. I will check Saturday to make sure you still have them crossed.

Jan 26, 2009 10:28 AM #5
Rainer
130,186
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN

I really think that we have hit the bottom already. HERE (link will open in a separate window) is a post I did a few weeks ago where I detail why I think that.

Jan 26, 2009 11:39 AM #6
Rainmaker
216,697
Margaret Oscilia
Creative Concepts-Home Staging and Contracting, Salem Oregon - Salem, OR
Home Stager, Salem Oregon

We have seen such a flurry of activity this week that there must be people thinking we have hit bottom -- got a call today that another of our staged homes sold this weekend.  (Either that or only our staged homes are selling!).

Jan 26, 2009 11:55 AM #7
Rainmaker
400,528
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Fred - As you stated, the report came back today being 6.5% higher but I think some of the hesitation is still those darn prices.  Not that the house is priced too high, but the fact that houses continue to lose value.  As I talk with others about the market, that seems to be the feedback I receive.  Not a high percentage of people, but it was mentioned along with other things.  I just found that to be an interested comment because the values WILL come back.  Maybe not as high as they were, but houses just get better in value over time.  I know I can't buy my parents house for $36,000 like when they bought it.  I CAN buy a house for that price, but not their style and size.

Jan 26, 2009 01:30 PM #8
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Rich - It is possible, I hope you are right on the value bottoming out but I am waiting until interest rates get to me negative and then I will refinance. LOL

Margaret - Must be your staged homes that are doing the trick.

John - There is no way you can buy a home for that price here, even at fire sale prices.

Jan 26, 2009 01:54 PM #9
Rainmaker
400,528
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Its not in my area either, but there are some located around Dallas.

Jan 26, 2009 02:41 PM #10
Ambassador
2,870,408
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Fred I hope we are near the bottom, my savings account certainly is near the bottom.  I'd like to look back a year from now and say, whew, I made it through.  Otherwise I'll be working somewhere else to support my real estate habit.

Jan 26, 2009 03:32 PM #11
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Wow John. That is a heck of a price for a house. Of course, I bought a home in Oklahoma for $20,000 in the late 70s.

Tammy - Survival is really important. Keep your chin up.

Jan 26, 2009 04:12 PM #12
Rainer
333,705
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru

Fred, many consumers are holding out for the rates to go lower or the house prices to drop more. The thing that they do not realize is that they are gambling with their future here.

Jan 27, 2009 04:32 AM #13
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

It is going to be an interesting time when we know that rates and prices are actually going up, isn't it Danny?

Jan 27, 2009 04:35 AM #14
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
171,765

Fred Chamberlin

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
Ask me a question
*
*
*
*
Spam prevention

Additional Information