RATES DROP & OTHER NEWS:
Well, here we are already two weeks into the second decade of the new millennium and things are happening in the housing market--positive things! Mortgage rates took their second consecutive weekly drop. After they ha descended well into the 4's for thirty year fixed money, they began inching up in December of 2010, leading many folks to get nervous that the party had ended. But, as we predicted, while rates will rise at some point, for now they remain under 5% for conforming fixed rate loans.
What does that mean for you? Well, if you're a buyer, it obviously means you should still be out looking for a house to buy. Combined with the recent lower prices of homes the past couple of years, these rates mean you can possibly get a fabulous deal on that home you've always wanted, but not been able to comfortable afford.
For sellers, this is a good time to put your property on the market, as buyers are out there, fueled in part by the low rates, with money in hand looking for a place to buy. While I'm at it, although some prices are still declining, the pace has slowed, and, even better, there have been some signs of a bottoming and turnaround in values over the past few months. It's very case-by-case, but it is a sign! Things are looking up!