With the current contraction in our global economy spurned by the housing bubble, housing prices are at 10 year lows. Mortgage rates have fallen to rates we have not seen in over a decade. Currently, there is an incentive plan for first time buyers (individuals who have not owned a house within last three years) that if you purchase a home before October of 2009, you can appreciate an $8000 tax credit.
SalesTraq has reported that the median price of an existing home in March of 2009, in Las Vegas, was $134,900...a 41.3% decline from the same month a year ago. Sales of existing homes increased by 85.6% during the at month to 3626 recorded closings. However, 66% of these closings were foreclosed properties.
Most insiders feel that in Las Vegas, we will hit the bottom toward the end of 4th quarter of this year. Then we may see some positive growth toward second quarter of next year. Short sales will become a prominent factor as bank-owned properties are taken off the market. The Mortgage Bankers Association forecasts a steady increase in home sales beginning in the second quarter.
If you are a first time buyer...now is the time. Interest rates are between 4-5% fixed. FHA down payment requirement is at 3%. Conventional mortgage down payment requirement is 5%. Those coupled with low interest rates, and first time home buyer tax credit...make for an amazing opportunity to own your own home.
If you are in need of a new home, home mortgage, or loan modification, contact me directly...our teams of professionals can help..."Empower You Life".
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment