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This is a GREAT time to buy Real Estate!

February 26th, 2008 at 05:20 pm

So it’s officially a buyers market!!!!!!!! Anyone care to argue the point; I encourage you to step forth. The reason for my passion is clear; buyers have everything going for them. Let me rephrase that; Qualified Buyers have everything going for them. Here’s the list:

1. Interest rates are historically low. This week already I had a client 20% down 2nd home, I gave them a 5.5%.... 30 year fixed!
2. Sellers are more motivated than ever. With the average days on market in the valley creeping towards triple digits and some sellers forced to carry two mortgages, they are settling for lower purchase prices and have been increasing the incentives. Buyers, if you are paying your closing costs……..get a new agent!
3. President Bush has implemented his stimulus package, which would toss more money into circulation in hopes to raise consumer spending. The most dramatic change in the plan is a new provision raising the limits for loans that may be purchased by Fannie and Freddie. This means people, who in the past, were over $417,000 loan amount were hit with a higher interest rate can know refinance and get a significantly lower rate and payment.

What do I suggest you do to capitalize on this market? Contact your mortgage planner and your realtor and get a plan together. Even if you are 6-12 months out. Get a plan together!