THE PERFECT STORM FOR BUYERS
The sub-prime mortgage troubles of 2006-2008 has left the mortgage industry limping - causing the failure of a number of well-known banks.
The Federal Government stepped in early September, 2008 to rescue Fannie Mae and Freddy Mac, the two giant, quasi-governmental companies that buy the bulk of the mortgage loans from commercial banks and were experiencing difficulties. This "rescue" signalled the intention of the government to shore up the mortgage industry and help the housing market lead the economy out of the doldrums.
With the economy stalling, the Federal Government has stepped in to provide a stimulus to help the housing market. A combination of factors has now caused a substantial drop in mortgage interest rates!
We now have the PERFECT STORM for HOME BUYERS:
- Very low interest rates for fixed rate, long term mortgages
- A tax credit of up to $8,000 for first-home buyers, or buyers who have not owned a home in the last three years (for those who buy before December, 2009)
- A soft ("Buyer's) real estate market, providing many attractive options to choose from, excellent prices, and the opportunity to ask Sellers to contribute toward closing costs and accept other conditions.
- Interest paid on the mortgage for your primary residence is still 100% deductible from your federal income taxes.
If you or someone you know is renting and still "thinking about" buying, I recommend taking action right away! It is unclear how long this "window of opportunity" will last for...
If you are renting, please call me or text me, I'm available for a free, no-obligation consultation. I also welcome your referrals and will work hard to provide "legendary service" and earn your business!
Cell: (843) 864-3777