Rob Schulte

Interest rates have remained stable for several months now. Will this trend continue? The Fed has claimed their rates will remain at present levels for the forseeable future, but with the dollar slipping and the deficit surging are we poised for an increase in rates. The market has remained strong in my area, and the biggest reason for that has been low interest rates. People are uptight, however, and an increase in rates may seriously hurt the market. Just curious as to the opinion of others.

What is the mood of buyer's at this time? I would think if a first time buyer has not bought at this time they are considering it heavily now. With the tax credit expiring on Dec. 1 first time buyers should get serious about purchasing. Rates are still fantatic, and the FHA and USDA programs are solid first time buyer loans. Speaking of the tax credit, will it be extended? I have heard rumors, but that is it. I guess no discussion from the higher ups should lead one to believe it will not be renewed.

Most will agree the up to $8000 tax credit for first time home buyers is a once in a lifetime opportunity, but the federal government has just made the deal even sweeter. A buyer can now apply and receive their tax credit BEFORE closing on a home, in fact BEFORE an offer is even made on a home. The most obviously benefit is now a first time buyer need not worry about down payment money. If you are a first time buyer, you must consider buying this year. Never again will we see a program as sweet as this.

By now I am sure every realtor is very familiar with the $8000 tax credit that first time home buyers will receive with the purchase of a home. To those realtors in Indiana, is there anyone familiar with a program the State of Indiana is proposing, or maybe has adopted, that will give first time home buyers an additional $15,000 tax credit with the purchase of a foreclosed home? I had a client mention this to me but I have not been able to find any information on the program.

In spite of the vast amounts of negativity that is seen and heard in the national media, the real estate market in Spencer County, Indiana, and particularly Rockport, Indiana has remained steady. It does appear, however, to have become a buyer's market. Due to what is reported in the newspapers, TV, etc., many buyers are apprehensive about buying at this time. Therefore, there becomes a situation where there are more sellers than buyers, which in turn creates a buyers market. Fortunately, home values have remained steady, and interest rates are slowly dipping to terriffic rates. It is a great time to buy, and buyers need a realtor who knows the nuances of te current market.