Buying now? You could be the smartest person on the planet
The planets are aligning in your favor. Homes sales, mortgage rates, down payment options and a buyers market are all in your favor today. The National Association of Realtors (NAR) released their report saying pending home sales rose 7.40% from July to August (source: CNN Money 10/8/08). That is the final part of the equation that says now is the time to buy; and here’s why.
Home prices are at that lowest point in 10 years. This new NAR report indicates that we may be at the bottom of these falling prices. The Federal Reserve came out this morning with a ½ point cut to the Federal Discount Rate pushing mortgage rates lower. Now throw in a brisk buyer’s market and down payment requirements for FHA mortgage going up in January from 2.75% to 3.50% and you have to see that now is not just a good time to buy it is the absolute best time to buy.
If you have been on the sidelines wondering when it would be time to jump in, this NAR report seems to indicate that now is that time. Contact Mark Z and his dedicated team of professionals. Their knowledge and expertise can make your home buying experience a smooth one; even if Mark still believes that Pluto is still a planet.
Trust and experience – that’s why my clients wok with me.
Chuck Anway; Mortgage Consultant
Contact me at chuck.anway@ncmc.com or 248-921-0314
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