Rising Interest Rates

A lot of people don't realize the impact an interest rate can have on their payment... for example, on a $100,000 loan, the difference between a 4.5% rate and a 5.5% rate could be $100 a month! So, with economists forecasting that rates will rise after April 30, it is extremely prudent for a lot of folks to put on their home finding hats NOW, get a home under contract, and lock their rates. I have heard some buyers say "well, after April 30 there won't be as much demand, so sellers will have to reduce their prices...". While this may be true in some cases, those rising interest rates may more than make up for any price cut done by aggressive sellers. So, why not take advantage of the low rates AND the tax credit and find something now? As always, I am here to help!

Did You Know????

In the Triad in November 2009, 50% MORE HOMES SOLD THAN IN NOVEMBER 2008. In the US, 42% more sold than in 2008. What does this mean? The first tax credit that applied to first time home buyers worked in stimulating home sales! Economists are directly attributing most of those sales to the tax credit. This is further reinforced by the fact that sales slipped to next to nothing in December (even taking into account the usual December slide from all the festivities). If you are trying to sell your home now, or even contemplating it, what does this mean for you?
You do NOT want to miss the next crucial window. The current tax credit requires that homes be under contract by April 30 and closed by June 30. Do NOT wait until February or March to list your home. If your home is already listed, do NOT wait to get aggressive and proactive about pricing, incentives, etc. We don't know for sure, but what if things fall flat in July like they did in December... what will you do then?