Posts Tagged ‘mortgage rates’
ITS A GREAT TIME TO GET A MORTGAGE, BUT THE RULES OF THE GAME HAVE CHANGED
For those who qualify, it’s one of the best time to get a mortgage. Last week rates for a 30 year – fixed
rate loan fell to 4.57percent, the lowest average since 1971. And, if you missed out on US home-buying
tax credit, the rates may more than make up for that lost $ 8,000.
“A tax credit is immediate gratification,” said Leonard Baron, professor of finance at San Diago State University,
“but long-term, with rates this low, you can get much more value.”
The game has changed. Your credit must be at least 620, or you’ll have a harder time finding a loan.
The more you can put down becomes a big variable.
Buffalo Grove Homes Present a Great Opportunity
In my 35 years+ of selling real estate in Buffalo Grove and Chicago’s Northwest Suburbs I have seen lots of things happen in the local real estate market. I watch the trends like a hawk. My instincts tell me this might be the time to buy.
The factors that say it is time to buy Buffalo Grove Real Estate
The number of closed properties was up a whopping 73% for 4th quarter 2009 over 2008
The market time was down slightly 151 days vs 157
The dollar volume of properties closed was up 52.5%
The average sale price was down $36,000
People who make the most money go against prevailing thought. Right now there is still a lot of pessimism about the market. The figures show things improving while the average person is still very cautious.
Interest rates are unbelievably low. See the chart below.
Their are fabulous tax credits available until April 30 for both first time buyers and buyers who have owned before.
Find out all the details about the tax credit here.
The selection of homes right now is excellent.
One other factor that makes things very interesting is that the average sale price reflects homes priced under $300,000 are selling at a pace that is more than double the year before. Movement in the lower prices should start to drive the upper parts of the market- $350,000+ which had an increase of only 23% in sales for the 4th quarter of 2009.
Why don’t you give me a call to take advantage of what could be the opportunity of a lifetime.
Source of statistics MREDLLC may not contain all sales in market area..
