2. Prices have for the most part not taken a dip here. We never really did a lot of the crazy stuff that happened in CA like neg ams and teaser rates. Maybe some, but those were rare. The nuculear bomb
of mortgages is not getting ready to explode here. We're not out of the weeds, but they're not really getting any taller in most areas around DFW.
3. Interest rates are still pretty low. In fact today I just had a customer get near the lowest interest rate I've ever had any customer get. For the customers on the lower end of the credit score spectrum they should buy now. When risk based pricing really goes into effect full force they may get priced out of the market.
4. First time homebuyer credit (loan) from the fed gov.....that may not last in a socialist goverment. You would think it would when we talk about socialism, but there will be no way to pay for it.
5. Long term....if the buyer is going to stay in one place, buying beats renting....hands down.
6. Interest deduction on fed taxes.
7. Who is really smart enough to time the bottom......best minds in the business can't do it, so you think you're better?
8. Seller sentiment is high.....they know they are not going to get top dollar in this market and may have to make consessions to make a sale. First time in my career to have multiple sellers tell me they know they may not get all the money they have in the house back. WOW....that's amazing.
What do you say? How's the market in Grandbury.....on fire I'd think with all the Barnett Shale action. What happens when people start getting royalty checks? I'd think there will be some big buyers for the people who had some land with mineral rights. If they had 3-4-5 acres or more and have gotten a big bonus check hopefully they'll start to see some montly royalty checks when the production starts and the pipelines are hooked up. Network with the jewelers and car sales people. First oil/gas money checks are in my experience spent on diamonds and gold....then a new car....then a new house.
For more information on the New Home Buyer tax credit, visit my website and check out the FAQs.