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Dena Hoggard

It Is Always Darkest Before the Sunrise

12-19-08
Dena Hoggard

I attended a Paulding Board of Realtors meeting this past Wednesday. Our guest speaker was the President of Georgia Board of Realtors. He was speaking about our current financial situation and how it has effected our market. He was encouraging us as fellow agents to hold our heads above the water and keep the faith. He said "It is always darkest before the sunrise". I had heard that before but it just confirmed my feelings that we will recover from our current financial woes and when we do I am going to be in the game.

Property values are down but they will not remain there long. There are many people out there that are thinking about investing in real estate or buying their first home. I have heard more than once that they are waiting until home prices go down more or interest rates go lower. I truely feel we have seen the bottom. Properties are moving. If you are in the market to purchase real estate there has never been a better time. The current inventory is still high and interest rates are lower now than they have been in years.

Get in the buying game not the waiting game. You just might get left behind.

Bankrate has been surveying mortgage rates weekly since 1985. For the benchmark 30-year mortgage, the all-time low was set June 11, 2003, at 5.28 percent. This week it's 5.42 percent. In 23 years of weekly Bankrate surveys, the benchmark rate has been below 5.42 percent eight times. The last time it was lower than 5.42 percent was March 17, 2004, when it was 5.41 percent.

Weekly national mortgage survey
Results of Bankrate.com's Dec. 17, 2008, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week's rate: 5.42% 5.3% 5.84%
Change from last week: -0.38 -0.21 -0.33
Monthly payment: $928.59 $1,330.74 $972.36
Change from last week: -$39.55 -$18.32 -$35.01