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Have you been on the fence and thinking about buying a house? Times are a changing…interest rate will be going up which translates to less of a house you can qualify for.
Homes for sale in the Sacramento and surrounding areas continue to go into multiple offers and the tax credit for the first time home buyer and moving up or down home buyers who have lived in their homes the past 5 years will be ending shortly.
If you want to take advantage of the home buyer tax credit you MUST have an accepted offer and escrow open no later than April 30, 2010.
I hope you haven’t been on the fence waiting for the BEST Time to Buy real estate, otherwise you may find that you missed the bulls eye!
The Federal Reserve raised the discount interest rate charged to banks which means, it’s only a matter of time before the banks trickle this down to the consumer with higher interest rates paid on mortgage home loans and car loans. The New York Times article stated, ” it is a clear sign to the markets, politicians in Washington and the country as a whole that the era of extraordinarily cheap money necessitated by the crisis is drawing gradually to a close.” Based on this information, it is wise to get a 30 year fixed rate loan. No telling where the interest rates will peak once it starts rising.
Are you still waiting for the bottom of the real estate market? Best to call a Realtor ®, now…Wait no longer!!!
UPDATE: Just heard at the National Association of Mortgage Brokers in Washington D.C. that FHA has put the 5% downpayment on ice so it looks like FHA home buyers got a break and can continue to use 3.5% as their downpayment.
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