According to a recent article by the National Association of Realtors, the trend for home prices in 2010 is to level off and may even creep upwards in late 2010. From what I read regarding interest rates, they will begin to climb in the Spring and are probably as low as they will ever be in our lifetime. If it were me, I would buy now in the Winter, while sellers are most motivated and can get 5-10% and more off the List price depending on the Sellers motivation. The perfect storm for Buyers is now, not when rates and prices begin to rise. Where are you planing to move is another consideration that I would need to know...grateful for your question! REG

Home prices in SW Roanoke county (where I currently live) vary depending on the price range of the house you are looking at. The higher price ranges, 450 and up, have dropped substantially since 07, some 20% or more. The lower end price range, from 175 - 225 has been fairly stable. The reason is, that income levels in Roanoke are more geared toward the 175-225 mark, thus more buyers for those homes. Simple supply and demand. As for your second question in how will it be in Feb 2010 - wish someone knew! What I do know is that if the market continues to rise quickly, the interest rates will rise as well. You are currently in the best buyers market for loans. I do not believe we will get any lower than 4.25% realistically. Your third question , your credit score of 720 is almost mandatory now to get a good interest rate. Depending on what type of loan you choose, down payments, points etc. you should not have any issues with getting a loan and a good interest rate. One thing to look for when searching for your house, is to find an agent that is an Accredited Buyer Agent. ABR This will allow you to work will an agent who specializes in buyer agency, who will be able to show you the necessary comps, and stats that you will need in order to make a qualified decision.

Our Roanoke market has leveled out as have the other areas such as the New River Market. We did not see the soaring prices of places like FL and CA or even Northern VA. Sales have been hurt just as much by the lenders changing of regulations as they have by the economy. Rates at this point are lower than we have seen in a while. Home prices are lower than we have seen in several years. The lending world is still getting itself back together and that will probably take quite a bit of time but over all we appear to be pulling through the worst of it. As always a person with a score of 700 or above should be able to obtain interest rates in the lower range of what is being offered at the time.
Thank you for your question.