Here’s an article you’ll find interesting if you are buying or selling property… I’ll give you a short version. The article suggests buyers who did not take advantage of the recent tax credit may actually come out ahead.
Why? There are at least two reasons.
First, sellers are taking increasing numbers (and amounts) of price reductions on their listed property simply because buyers are harder to find since the tax credit expired.
Second, interest rates are continuing to drop–nearly half a point since the end of April. Frankly, this one suprised me, you won’t have to go back too far to find posts where I predicted a rise. But my inability to predict this one accurately is the buyer’s gain! A half point difference on a $175,000 loan amounts to a $15,000 savings on a thirty year mortgage.
Of course we must add the disclaimer that “all markets are local” and all generalities are false, but this still can be a very good time to buy. Don’t fret over missing the tax credit, chalk up some even bigger and better savings!