Is stabilization around the corner? Someone approaches me at least once a day regarding the state of the market. Nobody has a crystal ball. When the market changes, nobody will know it until they look back. It happens fast.
There are basic opinions on this:
The first is that interest rates are going down and are now in the low 5's high 4's. This means that a $200,000 mortgage would be between $1000-1100 a month (excluding taxes and insurance. Now homes in the Taunton Massachusetts can be bought for about the same monthly payment as what one would pay to rent!
The second fact is that 1 in 10 homeowners ( national data) are at least one month behind in their mortgage payment. Also there is a moretoeum on foreclosures until January 9, 2009.. a hold on them.. if you will.
So what will happen? Stay tuned.
I of of the same opinion of Jim Cramer and Donald Trumph.. BUY NOW! If you plan on living in your new home for any lenghth of time...chances of equity gains over time, are very likely.
BUY Now if you are first time homebuyer.. the government will give you a $7500.00 tax credit which is an interest free loan. You could pay off a credit card with this!
If you are a seller and you don't need to sell..don't. This isn't a time to "test" the market. Be serious about selling before you list your home. However, if you are a seller in trouble with your mortgage, there are many options available to you.
If you would like more information on current market trends and free reports on what homes in your area are selling for, please contact me via phone or email.
Lori Lincoln- Lori Lincoln Team- Keller Williams Realty-Serving the communities of Taunton, Rehoboth, Somerset, Swansea, Dighton, Assonet and Bristol County MA