Friday, March 20, 2009

How to capitalize on this real estate market-March 2009 Report

Yesterday, the Fed put into action a plan to lower mortgages rates. The Fed will spend up to $300 billion to buy long-term government bonds and an additional $750 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. This pushed the interest rates on mortgages down 1/2 % in 1 day! Currently, you can get a 30 year loan at 4.625% and 15 year loan at 4.375%. Let me know if you need a good mortgage company to talk to-I have 2 that are extremely competitive on interest rates & fees.

If you are a seller, the current real estate market is very strong in the $100,000 to $150,000 price range. With the new $8000 Tax Credit that is part of the Stimulus Plan, it is a fantastic time to buy your first house and take advantage of the prices, low borrowing costs, and Tax incentives. I think that as homes in the $100,000 to $150,000 range continue to sell that many people will start to move up into the $200,000 to $250,000 range and that market will start to see increased activity.

Also, total inventory of homes for sale is the lowest it has been in many years, so you have much less competition if you are planning on selling.

If you are a buyer, the Tax Credit applies to anyone who has not owned a home in the last 3 years-not just a program for 1st time homebuyers. If you are planning on staying in your next home for at least 3 years, I think you will be rewarded by appreciation in the future and you will have bought near the bottom-at an incredible interest rate.

Let me know if I can help you in any way regarding real estate. You can search every home for sale in North Texas at www.tarrantcountylistings.com. You can do a cool Map Search, save favorites and be notified immediately when new listings come on the market.

2 comments:

DONNA POWER said...

I owned a home for 14 yrs. forced to sell at loss due to injuryow Now disabled since 7/08.
Pre-qual for conven. loan.
Need home asap.
Do I qual. for any assistance?
DP

helena said...

hi don i was interested in knowing who would be a good mortgage company to refinance a 15 year mortgage with.

thank you
helena