Buyers: Plan on Having a Contract Ratified by March

A lot of buyers are trying to get a contract ratified by April 30, 2010 in order to receive the tax credit. I'm recommending that buyers have contracts ratified by mid-March in order to take advantage of these low interest rates!

Many analysts feel 6% 30-year fixed rates are in our near future. Below is a chart that shows how much a monthly mortgage payment will increase between 5% and 6%, and then how that difference adds up over a 5, 10, and 15 year period.

The Future of the Real Estate Market and Why

The National Association of Realtors (NAR) published their latest statistics last week that indicated pending home sales are on the rise for the eighth straight month. This, along with a decrease in inventory, has prompted many to declare that the housing market is stabilizing, and the bottom has been seen. It is true that there has been a surge in buying activity in the last several months, and it is true that inventory has been decreasing over the last several months, but the reasons these two conditions exist are not because the real estate market is stabilizing...yet.