Attention Buyers!!! Do Not Pass Go....
Attention Buyers!!!
Do not pass "Go".....
Mortgage Rates are at a 2 Year low and we have so much inventory....Real Buyers need to be shopping now, not tomorrow or next year...This is the perfect market for serious buyers as sellers are reducing prices, helping with the buyer's closing costs, etc. to get a sale.
Do you have a home to sell first and afraid that you may not get top dollar in this market? That may be true, but remember that you will also be buying in this same market and hopefully be able to negotiate an awesome deal as a buyer.
A local lender says:
Well, to start things off, par rates are down to 5.50% for perfect everything and 80% LTV on a purchase. That's really good news! Most of the downward pressure on rates is driven by the 10 YR Treasury note falling, need in the market for more loans, and the stumbling economy. We're at a 2 year low right now! The GDP ended up at an adjusted 4.9% for the Q3, but the outlook for Q4 is not good. Home prices fell 13% last month alone. Sellers are making serious concessions to get their house sold. the estimate for Homes on the market has the numbers at about a 10.5 month supply.
Please feel free to visit my site www.HeatherElsberry.com or call me directly if you have any questions about Real Estate in our area, mortgage programs, rates, etc.
I would love to help!
Heather