To Buy or Not To Buy.....That is the Question

Seriously, if you are considering buying a home, and have been on the fence as to whether or not to deal, then you should have your head examined. Just kidding, forgo the head examination, but do give your REALTOR a call.

Here is the deal. If you have money, a good job, and have taken care of your credit profile and have a score better than say 680, now is a great time to buy. There are a plethora of properties for sale in our great New River Valley, and there are some really great deals to be had as well. Now I am not talking about refurb's, foreclosures or short sales, I am talking about good ole listings.

Real estate sales have sagged slightly over the last 18 months. Credit tightening has also frozen some abilities for buyers to purchase there home. The days of the 80/20's, no doc's, liars loans.....well, they are all gone. However, If you can buy real estate now, then this is truly a fantastic investment into your future. If you can buy a home that is undervalued, then really, how green can green get for ya?

Mortgage rates have dropped to near all time lows again. Actually, it has been a see saw of rate elevations and falls for the last 12 months. It used to be that you could set for a rate, watch, and typically get it within a four to six hour period. Those days are gone. With the volatility in the bond market today, instead of waiting for a specific rate, you need to give your person a range, say .250% range to lock you in at. Why you ask? I will use Thursday as an example. At 1:15, rates dipped to 4.500% for a 30 year purchase mortgage. It went to 5.00% in 40 minutes, and closed out the day at 5.125%. I used to call folks an let them know about the rates, have a lengthy discussion and then lock all those folks in at their desired rate. Now, you need to have everything in place with your mortgage lender ahead of time, give them a range, and then let them lock you in. While you may not get the bottom rate available, I can assure you that you will be in the range.

Let me tell you something. The market will turn around. As a buyer, if you act now rather than waiting, you will be taking advantage of the near bottom of this great buying opportunity. You will be poised to see some of the best returns that will be available in the future. When folks start buying, then the market begins to stimulate. When you stimulate, rest assured that 2 things are going to occur. Home values (and prices) will go up, and mortgage rates will go up as well. Don't get caught in the conundrum of pricing the bottom. By the times the news promotes the fact that all things known as the markets improve, it will be to late.

To view a 2 year history of sales in our area, please visit Marshall Anderson, Louise Baker, and Rhonda Melton at their blog, http://blog.nrvhomes.com/. Marshall has placed a comparables analysis for your review. Thank you Marshall for the information. Great Job.