Archive for July, 2011|Monthly archive page

The Sky Is NOT Falling!

In blogPost on July 19, 2011 at 10:23 pm

Henny Penny, also known as Chicken Little, has been running around for the last couple of years hysterically screaming that the sky is falling in real estate.  Well, now, Henny Penny needs to calm down.  Even though many people are still shaking from Henny Penny’s rants, now is the time to take a thoughtful look at buying a home, especially if you are a first-time home buyer or if you have built up equity and want to move up.
A recent article on the CBS Money Watch website lists seven reasons why now really is a good time to buy a home, contrary to Henny’s dire predictions.  Briefly, here are the seven reason a thinking person will want to consider:
1. Renting is not a good deal.  In the Sacramento area, owning makes more sense than renting, according to the S&P/Case-Schiller home price index.
2. Home prices are becoming stable.  While home prices have fallen for the last couple of years, they now seem to be stabilizing; waiting for lower prices may not pay off.
3. Mortgage rates are really low.  The forecast is that mortgage rates will begin rising by the end of this year; waiting for even lower rates may disappoint.
4. Mortgage rates for pricey homes are going to rise.  Conforming mortgage rates are lower than rates for jumbo loans.  Right now conforming loans go as high as $729,750, but by October they will fall back to $625,500.
5. Qualifying for a mortgage is easier now than it is going to be.  The federal government is wanting to shift more of the mortgage market toward private lenders; that could mean higher borrowing costs.
6. Local housing conditions are more important than what is happening in other places.  See number 1.
7. You have less competition now.  With fewer serious buyers, sellers are more eager to negotiate.

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In Uncategorized on July 19, 2011 at 10:08 pm

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In Uncategorized on July 19, 2011 at 9:56 pm

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In Uncategorized on July 19, 2011 at 9:40 pm

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