Interest Rates Are At 4.79%!!!

The Spring Market is set to take off--- fueled by tempting interest rates, a first time Buyer's credit of $8000 and lower housing prices. Would-be buyers who are waiting for the bottom of the market may miss out of truly getting the deal of a life-time if they wait much longer. Inventory of homes is still large enough for there to be a good selection and most economists think that inflation may rear its ugly head by the end of 2009, forcing up the price of new homes, interest rates, and energy. When there were similarly low interest rates in the past---there was little selection, higher housing prices, no seller cooperation in repairing problems with the homes, and never a direct gift from the government of $8000. Prices in Bristol County, MA are down 18% over a year ago--at least the median for all homes sold is down that much. Sellers are also ready to negotiate on price and are willing to make some improvements to the home, if needed.
Working with a trained Buyer's Agent is extremely important for today's Buyers who need to be aware of all the financing options as well as neighborhood information, especially price-declines and foreclosures. Sellers, likewise, need agents who can keep them aware of changing house values as "days on market" increase. Lenders and their loan officers have categorized towns by their declining ratios and are reluctant to lend loans where the foreclosure rates are high and/or where prices are in a sharp decline. The unemployment rate in area towns is also a factor for lenders. (The unemployment rate in the Greater South Coast area is now upwards of 15%---twice the rate for Massachusetts as a whole.) Buyers who are self-employed will find it much more difficult to get financing. An experienced Buyer's Agent will know the local bankers and lenders as well as the sales information, by neighborhood. So, let us help you find a home, find a lender, and not over-pay for your deal of a life-time. Give us a call at 508.996.6562.