The four states that led us into the market down turn are leading us into the upswing. The average sales across the country are up 6 1/2 % from November '08 through February '09. Florida which suffered a down turn of 18.2 %, in February rebounded with 12.5 % increase. Some experts attribute this to lower interest rates and also the numbers of Distress Sales, Short Sales and Foreclosures.
The Real Questions is why are more buyers NOT taking advantage of these ideal conditions? The answer is FEAR! Turn on Radio or TV and what do you hear? Doom and Gloom....that is not to minimize current conditions but still if you have a job, pay stubs and decent credit you can get a loan. There is money available from FHA ,VA Fanny Mae , Freddy.....and you do not have to put 20 % down. There are actually still loans out there with no money down and 3% down loans with conventional sources.
Author David Reed, Mortgage Confidential advises us to examine the past. When was the last time interest rates were this flat ?........1969 ! In '69 you could buy gas for $.35 a gallon and a postage stamp was $.08.Reed advises those buyers who want to buy not to try and outsmart the market. " ..it can skyrocket overnight..."
We are not going to know when the market has come back until we are looking at all the great buys in Retrospect....Don't Wait .....Buy Now !
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