Arizona Mortgage Rates For November 21 2008
Mortgage Related News This Week
This week I was speaking with someone who asked me to “give them two good reasons that now is a good time to buy a house with everything that is going on”. My reply?
“The two best reasons that come to mind on why now is a great time to buy a house are:
- If you are considering an FHA loan, starting January 1, the down payment requirement is going from 3% to 3.5%.
- If the FDIC loan modification plan (or any other loan modification plan) is passed, you can reasonably assume that there will be fewer houses going into foreclosure due to more loan modifications being done. Fewer foreclosures will lead to price stabilization over time and with more people still moving to the valley than moving out, this will lead to decreasing inventory over time which will lead to rising prices in the future.”
Were these two good reasons? Can you think of any other reasons on why now is a good time to buy?
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Uncertainty of economic times and the mortgage fallout have created a sense of insecurity about the real estate market. But the good thing is that homebuilders have slashed the prices of their new homes to lure buyers. So this is the good time to invest in buying homes that also at discounted price tag. Even choices are more now as the number of home buyers has reduced and hence one is left with avid choice of new homes to be purchased. We just don’t know what is going to happen next. A smart move may help in the long term positive aspects.