Tuesday, October 14, 2008

There is a Sale on Money!!!

There is a Sale on Money!!!

We are having a mortgage crisis, but the news for the San Antonio area is not that bleak. The current bail out should be working to your advantage and if you ever wanted to buy a home you should be looking now.

Home values are down. Yes you’re hearing it all over the place so it must be true. The value of a home is our area in generally down 2-6% not close to the national average of 14%, but down non the less.

Interest rates are at a historical low. Since July of 1973 till 1981 fixed rates have been between 8.5% and 18%. In 2001, they dropped to 7%and even dropped to 5.5%. Texas Vet rates were lower than that. Today’s rates are hovering around 6.5% for most loan programs. Will the rates go lower than that and should you wait until the rate hits rock bottom? I can’t be sure; my crystal ball is cloudy on that. What I can guarantee is that the Rate will go up!!! Not sure when not sue how much, but I’m sure up. Could they go down, yep! But good luck with calculating that, because that is LUCK.

It’s a Buyers Market. Did you ever wonder why people don’t buy in a buyers market? More people buy in a sellers market. Sellers get multiple offers and buyers drive the price up. You should buy in a buyers market, Homes are on SALE.

The Value of a home will increase. You hear it over and over again that real estate is a local market. The market value of any home historically goes up. In this area inventory shrinks when home starts decrease. The population of the area is projected to go up in the near future. That means recovery in the market.

Are you military, or prior military? Some special financing may be available to you. Did you live on Post or Base at your previous assignment? You’re scared to invest in a future that may not include staying here in the San Antonio or Surrounding areas. I get that, but don’t you owe it to yourself or your family to see what’s going on in this market. I can tell you it is kind of exciting. We live in one of the most stable real estate areas in the country.

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