I see this as extraordinarily good news - the President of the Boston Fed, Eric Rosengren suggested on Wednesday that relief be given to those homeowners who are ‘underwater’ in their mortgages. Current rules do not allow them to take advantage of the historically low interest rates - they are left hanging out there. This would be a tremendous help to the economy and hopefully the housing market.
Let’s do it!
I am amazed at how low mortgage rates are! I have a client that locked in today on 15 year fixed that was BELOW 3%! This is just unheard of - and even with over 22 years in the business I still don’t remember money being so amazingly cheap!
We’re in a new world, Spring was slow, Summer was much better most likely from pent up demand that couldn’t wait any longer to buy. If you can’t wait to buy, call me, Reg Morgan. Our market in Chapel Hill, Durham and Carrboro has taken some hits but we are still strong and the values out there are just incredible.
It’s time to get back in the game!
Recently I’ve heard a number of buyers talking about the bottom. And by that, I mean our real estate bottom! Is this the bottom? Is the bottom next month? Was it this Summer?Feels like things are picking up here in Chapel Hill and things are starting to move, but more important is advice I like to share in these challenging times. Don’t chase the bottom! Chances are you will never find it. Grab the rates! The rates now are incredibly low and the chances are by next Spring they will have inched upwards. Rather then chase the bottom, get yourself a great interest rate.There are some great deals out there now. For more info or to take a look at some of the current inventory witexperienced realtor, call me, Reg Morgan. Your Chapel Hill Realtor with almost 25 years of real estate experience.
So things may look grim after this week’s announcement that new home sales slowed by a third in May, but there actually is an upside to this. Rates are still at lows not seen since the early 1970s. So not only can you get incredible values in our Chapel Hill real estate market - you can lock in rates that make the money you borrow CHEAP!
Contact me, Reg Morgan, your Chapel Hill realtor for more information on our Chapel Hill and Durham real estate markets.
What does the stimulus have for you as a home buyer? Well, if you are a first time home buyer the Recovery Act stimulus package offers up to an $8,000 tax credit to start. That tax credit does not have to be repaid and is equal to 10 percent of the home’s purchase price (up to the $8,000 limit).
You need to purchase a home between January 1, 2009 and December 1, 2009. To qualify for the full tax credit your income must be no more then $75,0000 as a single person or $150,000 as a couple.
There are also some excellent FHA loan options out there - you can put down as little as 3% as a down payment. That 3% can even be a gift from a family member. The FHA has even increased the loan limits to $417,000 for the Triangle area.
Do you have questions about this or anything else pertaining to local real estate sales? Call Reg Morgan - your Chapel Hill realtor.
Wow, that didn’t take long!
Mortgage rates are already falling in response to the Fed’s actions yesterday. The plan to buy up to $300 billion in government bonds and $750 billion in mortgage backed securities is going to benefit anyone looking to buy or sell in the today’s market.
The plan is designed to jumpstart the housing market and it is already working. Rates on the 30 year fixed rate dropped today to 4.79 percent! Down over .40 percent over yesterday.
This should generate more action in our Chapel Hill real estate market. Between this action by the Fed and the $8,000 first time home buyer’s credit, there is alot of incentive for folks to jump in and buy.
If you are interested in buying or selling a home this Spring - call Reg Morgan, your Chapel Hill realtor. Do the math - real estate really works now!