Home Buyers: What Are You Waiting For?
Sitting on the fence wondering if you should purchase a home?
Wondering if real estate values will drop futher?
Wondering if mortgage interest rates will drop further? Hoping to take advantage of the $8,000 First Time Buyer Tax Credit?
If the $8,000 First Time Buyer Credit is important , the time to act is quickly approaching. To qualify, a First Time Buyer must close on their purchase by November 30, 2009. Again, that is close title on the purchase, not be under contract to purchase. With the recent changes in mortgage processing, a time frame of two months to accomplish everything and close on a real estate purchase will be close.
Coincidently, August under contract sales were extremely robust. Coincidently, buyer activity, contract offers and sales have been very robust the last week of August and into this end of Summer Labor Day weekend. Apparently, many other First Time Buyers are realizing that the time to purchase is now!
As important, mortgage rates are very favorable, currently hovering around 5.25 %, based on the buyer’s mortgage loan program. Opportunities to otain such favorable mortgage interest rate financing like this cannot last much longer. If real estate sales and mortgage applications increase, as they have been in the past 3 months, how much longer will it be before lenders increase the mortgage interest rate?
What about real estate values? Yes, they are much lower then they were in 2006. Too much attention is given to when they will hit bottom. The bottom will only be known when prices begin to increase. More attention needs to spent on affordability and affordabilty is a combination of purchase price, interest rates and, yes, having the opportunity to receive the $8,000 First Time Buyer Credit.
If purchasing a home is in your plans, invest some time now and meet with a REALTOR in the area you would like to move to and meet with a Mortgage Representative to see what mortgage options are available to you and obtain a Mortgage Pre-Approval.
Interested in viewing real estate statistics in Iselin, New Jersey, Colonia, Edsion or any other town in Middlesex County? There’s lots of information here.