Beware of rising interest rates.

rising interest rates new imageA lot of potential buyers are reluctant to buy now because, although prices appear to have bottomed out, predictions call for prices to remain relatively flat — possibly for several years.  The flaw in this thinking is that when inflation begins to push interest rates upward, as most experts are predicting, buyers will be able to qualify for less and less.  For example, a person able to qualify today to buy a home with a $600,000 mortgage at 5.5%, will be able to qualify for only a $480,000 mortgage when interest rates climb to 7.5%.  That amounts to a 10% decrease in buying power for every 1% increase in interest rates!
If you know someone sitting on the fence, unable to make a decision whether or not to buy, send them our way.  We can help them get a great deal before it’s too late.

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Renters are running out of time!

November 30th is the deadline for first time buyers to take advantage of an up-to-$8000 tax credit when buying a home.  This tax credit, coupled with current low interest rates and prices that have fallen up to 20% since late 2007, have created the best buyers’ market in 30 years. 

But all good things really do come to an end.  Because it typically takes at least 30 days to close a purchase, first-time buyers are down to their last 38 days to benefit from this incredible buying incentive. 

If you know someone who is wasting their money on rent and could benefit from this extraordinary opportunity, please let us know.  Rest assured, we’ll do everything we can to help them!

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~The Kent Swigard Team