Based on a real estate search firm report, the average listed home price is still reduced nationwide, because hardest hit areas by foreclosures are places such as Detroit, Las Vegas, Miami, and San Francisco.
The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier, and 15-year fixed-rate mortgage fell to 4.89 percent, down from 5.06 percent last week, according to a Freddie Mac report. However, the average rate for a 30-year fixed mortgage is up from 4.84 percent a month ago. I believe it won’t be long before the mortgage rates will fall back from a 7 month high, 8 month high, and so on.
For 1st time buyers, there is an $8000 tax credit which you can get by closing your house or property by November 31, 2009. You don’t want to run out of time for a good deal on a house such a short sale, which will take you about 6 months to close.
For investors, now the inventories are 25 cents to 35 cents to a dollar. It is possible to make much profit off of this, if you find a house with a good location, such as a good school district. You will have no problems in finding rentors to rent the house. Also, when the housing prices go back up, you can sell it for a good price. Don’t miss this opportunity.
Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at z-wu@kw.com if you have any questions. Visit my website at: http://www.z-wu.com/ for selling and buying tips!
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