With everything the real estate industry has been through, this fall may be the best time to buy we have seen in years. I really think the market is beginning to shake loose from it’s standstill and there are many reasons that you should buy now if you are thinking about buying a home.
* The market is beginning to stabilize. With the bailout of Fannie Mae and Freddie Mac, things are beginning to calm down, and home prices are beginning to rise again. Home prices are about as low as they are going to get.
* Interest rates are LOW and going down. Loans are very affordable right now.
* FHA has upped it’s Jumbo Loan limits to $729,750 in expensive areas. It’s going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.
* The $7,500 tax credit won’t be around forever!
The only drawback is that the popular Down Payment Assistance is going away. Previously, buyers could literally get into a home with no money down by asking the seller to pay their closing costs and down payment. This could have been a contributing factor to some of the foreclosure problems that got us all into this mess in the first place. People who really couldn’t afford a home were buying them. Now, the government is saying that, yes, you DO need to have some money saved up to buy a house.
Overall, I am very excited to be a REALTOR® in this market! Leave your comments below, and let me know what you think about the current real estate market.