Yes, it is Historic Times for Homebuyers!
Interest rates are at 4.75%! My first Mortgage was a deal at the time 11.5% and I was happy to get it! What this low rate equates to is a 25% increase in purchase power for our buyers!
The $8,000 First Time Homebuyers Tax Credit has to be used by Dec 1, 2009. That means that since deals have to be closed on that date, we should be writing offers now - especially for those deals that are taking forever (short sales). In our area, First Time Homebuyer inventory is shrinking to the 4 month level - it's beginning to become a buyers market!
Potential buyers can buy with as little as 3.5% down and gift money is allowed. Isn't FHA Funding is Fabulous!
If you are thinking of buying, it's time to get off the fence!
Teresa Nelson
John L. Scott Real Estate
206-571-3645
Specializing in Residental Real Estate in Woodinville, Maltby, Bothell, Kenmore, Kirkland and surrounding areas!
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Hi Teresa. I have missed you writing on Active Rain...
Ken
Aw Ken - how nice of you to say that!
You are so right. Even though rates have gone up since you made the post, they still are a great bargain for homeowners and a good hedge against inflation. Eventually our prices have to start rising again. I am over here in Port Townsend, WA so keep me in mind if you have anyone heading my way and I will do the same.