Should I Buy a House Now?

Low interest rates this year have lulled the majority of buyers (mainly first-timers) into believing that home loan rates in the 5.50% and lower range are "normal". This is not the case (see credit crisis of the 1980's) and if you are in the position where you need to refinance or are considering buying a home, complacency is not your friend.

Government programs in the housing and interest rate realms are ending in the coming weeks and months. The time to take advantage of these programs is now, people! While there will always be those that believe differently, infinite stimulus for housing is not in the cards nor is it reasonable to expect. Whether you want to buy a home or need to refinance one, it's best to investigate options now before you may find that none are available to you.

First Time Home buyer Alert

If you are a FTHB who wants to take advantage of the tax credit, think two words. GET BUSY. The tax credit of up to $8,000 is set to expire April 30th, after an extension from November of last year. With real estate closings taking as long as 60 days, you need to get under contract shortly if you want to take advantage of the tax credit.

Pricing and Values

Home prices are down significantly across the country from their high points the past few years. If you have been waiting for home prices to decline further, perhaps it's time to get off the fence. Great opportunities are available but the Metroplex is finding multiple contracts being offered on hot, well-priced properties.

Rates are still great, NOW!

Talk with a lender and get pre-qualified - it's the first step in making a decision about your investment in real estate. Check with your mortgage professional to see if he or she can accommodate you if you go under contract in the next two weeks. Many lenders will still be able to help you but only if you have all your paperwork in order.

And by all means, if you should have any questions, contact a real estate professional near you!