The overall health of the real estate market is beginning to improve. Refinances are creating a wave of business for lenders while strengthening homeowner’s finances. This helps reduce the number of foreclosures which is an important step in our return to more stabilized the market.
Interest rates remain at below the 5% level for qualified borrowers. Sellers are negotiating and prices can be very attractive. You’ve heard it before…there may never be a better time to buy in our lifetimes.
“New mortgage applications are up 77% for home purchases and refinances over this time last year” ~ Mortgage Bankers Association
“Nearly 600,000 home buyers have already claimed the $7,500 tax credit from last year or the $8,000 credit from this year.” ~ National Association of Home Builders
“Bank of America is adding 5,000 new positions to help with mortgage business. B of A closed 400,000 new loans in the first quarter 2009.” ~ Bank of America
“National home prices rose by seven tenths of a percent on average last month after falling by six and a half percent during the previous 12 months.” ~ Federal Housing Finance Agency
If you have not owned a home in the past three years you qualify as a first time home buyer. In order to be eligable for the $8,000 tax credit though, your home purchase must close in escrow before December 01, 2009. You might fall in love with a bank owned or short sale property which can take months to close, so don’t wait…. If you have been sitting on the fence, it’s now time to hop down and get busy.
Call me today. I will help you succeed. If it’s not the time for you, please refer me to a friend. Thank you~
All my best,