Very true words - and preparation is especially important these days, as several circumstances will make this fall a particularly successful time for prepared home buyers.
Rates for home loans remain low - but it won't last forever. The Fed continues on their purchasing plan of Mortgage Backed Securities, and the added demand has kept Bond prices high and home loan rates low. Last week, they purchased another $32.4B, bringing the total to $849B out of the $1.25T they committed to. While these Fed purchases have helped home loan rates stay near present low levels, remember that their buying program is set to be over near the end of the year. There is talk that the program will be extended - but there has also been talk that it will end early - so nothing is a guarantee, except for the fact that when the Fed purchasing program is over, home loan rates will assuredly rise.
In addition, given the current expiration date of November 30, 2009 for the $8,000 First Time Homebuyer credit, it's important for homebuyers to get prepared, and take action. In fact, many homebuyers are doing just that already. The Mortgage Bankers Association reported that home loan applications surged in the latest week to their highest level since late May, as more buyers are seeing the great opportunity that exists right now.
Let me know if I can answer any questions for you, or perhaps a friend, family member, neighbor or coworker that might be thinking about a home purchase. The combination of reduced home prices, motivated sellers, low home loan rates, and the potential of a juicy tax credit is too great an opportunity to miss.
The Stock market is doing well - the Index closed at its highest level of 2009 last Thursday. The S&P 500 is a basket of 500 Stocks that are considered to be widely held, and is considered by most market experts as one of the best benchmarks available to judge overall US Stock market performance.
In other economic news, Consumer Sentiment came in stronger than expected and Initial Jobless Claims were also reported better than expected, but still at a high level. Continuing Claims, which represent the number of people still receiving unemployment benefits, dropped a bit, but this realistically may be due to benefits expiring rather than people finding new jobs.
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Your Agent In Real Estate - Sonoma County - Petaluma, CA 94952
About Me
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- Born and raised in the San Francisco North Bay region, and now, for over a decade, Bukka has been studying and investing personally in real estate, as well as being a practicing Realtor in the San Francisco North Bay. Bukka is a member of the National Association of Realtors, the Califoria Association of Realtors, and the North Bay Association of Realtors. These associations have a higher standard of ethics so you can know you are in good hands. You can contact Bukka on this site or from the AgentLevy.com web site. Bukka is, of course, writing this in the third person and feels a little silly doing so but is told this is how it is done.