Paul Dolan

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Unless you’ve been hiding under a rock, you’ve likely heard the media and the government officials touting the amazing results in the housing market over the last 30 days. “Housing starts are up, construction spending is the highest in years, houses that have an active contract and are pending sale are skyrocketing, there are multiple offers on houses”, and so on.

All of this activity was due to the government tax breaks coming to an end in April. What the media and government HASN’T been talking about yet is the great slow down that has occurred since May 1st.

Take a look at this chart and you’ll see what I’m talking about. You can see the HUGE surge of purchase activity and now a huge slowdown in the lower right corner.

So what are the reasons that right now is a great time to buy?

1. Interest rates are down over .25% since April. On a $300,000 mortgage, that savings alone is over $4000 TODAY in closing costs or $750 a year in reduced interest.

2. Less buyers means less competition. You are more easily able to negotiate price reductions, seller paid closing costs, seller paid interest rate buydown, and contingencies.

3. Moving over the summer is easier on your family.

Don’t worry that you missed the tax credit. The better interest rates and less competition are likely going to yield you EVEN MORE than $8000 and you don’t have to file a tax return to get it! You can get AHEAD by getting pre-qualified today and then when the right house comes along, you can take action.

If you’re interested in talking about options that fit your situation, give me a call or drop me an e-mail.

PaulDolan

Paul@TheDolanTeam.com

Bellevue Home Loans