Really – This IS a Good Time to Buy a Home

Weekly Mortgage Update From Tom Balk:

Now really is a great time to buy… Seriously.

We’ve said it before but now really it is a great time to buy.

Talking to buyers and getting them off the fence is more important than ever – here are some facts to talk to them about:

• Home prices are down Home prices have fallen as much as 40% in some Bay Area counties.
• Interest rates are low Rates are the lowest they’ve been in more than 35 years, and are not expected to stay at this level when the economy starts to improve.
• loan processing times have improved We can close your loan in 30 days or less! Now that the rush of refinances has passed, lenders’ turn times have improved.
• Buying condos with fha is going to change Condo guidelines for FHA loans are changing as of October 1, 2009. After that date, it will become more difficult – act now before gridlock starts!
• The $729,750 loan limit is temporary Congress passed an emergency measure allowing loan limits up to $729,750 in high cost areas. Congress may not extend into 2010.
• Bay area home prices have bottomed out According to the San Francisco Chronicle and other area newspapers, home prices appear to have bottomed out in the Bay Area – look for prices to increase and possibly even bidding wars over properties.
• $8000 tax credit is expiring The first time homebuyer credit is only available until November 30, 2009. Congress may not extend it into 2010. Additionally, using it before the end of the year means you can take credit on your tax return in just a few months.

As always, email tom@afirealestate.com to continue the discussion. We look forward to hearing from you.