Rates aren't cooperating

So welcome to my first BLOG!!! This is for Real Estate & Real Estate only. I occasionally might throw a "guess what my kids did today" in there for fun, but it's mainly to keep the public up on whats going on with the market. So I just finished an email to my clients-past & present- and here it is. Chock full of useful info for BUYERS!!! Come back often for updates.

I know you have all heard "Now is the time to buy!!" enough times this year you have become numb BUT I'm going to tell you one more time, BUT I'm going to follow it up with reasons!! I receive many updates from colleagues on the market & this particular one stuck my as fairly urgent. Here's a few pieces of it."Unfortunately rates are going up almost as quick as they came down. We are seeing rates between 5.5% and 6%. This increase has been steady for a couple of weeks now, rates settled in around 5.75% on Friday. As always I am keeping a very close eye on the rates, I feel that those clients who have a little time before they need to close will have the opportunity to lock in at a rate closer to 5.5%. Anyone who was pre-approved between January and two weeks ago should really be pre-approved again. Buyers cannot afford the same home at 6% as they could have at 5%."

"The good news is there are still many loan options available! Historically a 6% interest rate is still a great rate!"AND the most important one in my opinion is the $8000 tax credit for first time home buyers (or not owning a home in 3 years) We are seeing longer days to close than what we are used to the past (90 days in some cases!!!) Comfortably a buyer needs to have a home picked, contract accepted, inspections done and the mortgage process started by Aug 1st. That doesn't give people much time, but this tax credit is slated to expire December 1st!!! In Real Estate terms :That's right around the corner!!"

AND we have A LOT of inventory right now with great prices!!

Please contact me if your not already actively looking so we can get started. Enjoy you summer & happy house hunting!!

Jennifer Greenmun
McKinney Real Estate
607-761-4814 Cell
607-722-0722 Office
607-722-9722 Fax
jgreenmun@mckinneyrealestate.com
jennifergreenmun.com