Thursday, September 3, 2009

Let's Move!


September 3, 2009

1. Large Inventory of Homes
The news continuously puts fear in consumers with their gloom and doom stories, many times on a national level. This year has brought out more sellers than normal with people loosing their job, thus loosing their home due to improper guidence from day 1.

Compare 2008 to 2009
(Single Family Residential, Area 7 & Area 8, $120,000 to $160,000, 3 bedrooms, 2 baths)
With 124 homes for sale on the market, on average from September 2008 through August 2009, there is a good selection of homes to choose from that fit your specific wants and desires.

2. Mortgage Rates Are At a 30 Year Low
As you can see from the chart above, interest rates were at their peak in the 1980's ranging anywhere from 13% to 17%. Why? High interest rates were needed to counteract the rapid rise in inflation. In the current market, we are seeing interest rates around 6% for a 30 year fixed mortgage.

3. Home Are More Affordable Than Ever

According to the National Association of Realtors chief economist, Lawrence Yun, “Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.”

Melissa Simms
RE/MAX Associates- Louisville, KY

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