Home for the Holidays
This holiday shopping season is expected to be a brisk one! Not because its cold outside and there’s white stuff on the ground, but because there are values to be had for the savvy shopper. Specifically, the first time home buyers, and the move-up home buyers! With the Federal Government providing a $8000 and $6500 incentive respectively, now is the time to buy a home! That however is somewhat old news; most everyone is aware of the tax credit, but what may not necessarily be flashing in neon lights are some things that can affect the home buyer’s ability to purchase a home. Primarily, I’m thinking of the overall economic state of the union and interest rates.
With all time low interest rates, it doesn’t get any cheaper to borrow money than now. Rates in some areas are hovering around 4.5 to 4.875 percent. From the rumblings I’m hearing, it sounds as if after the first of the year rates are expected to go up, and maybe by a full point. But the question remains… “Why are interest rates going up?” One of the key factors affecting interest rates is the bond market. When bond rates go down, interest rates go up. Rumblings that I’m hearing from folks are that bond rates are going down after the first of the year.
On a final note, a few other issues that the potential home buyer should consider are two things. First, when taking advantage of this home shopping season, be sure that you ask for a home warranty in your offer to purchase, and also, something new called “Job Loss Protection”. Job Loss is a great tool and is just that. Who wants to buy a home and then unexpectedly get a pink slip. I’ll blog more about Job Loss Protection tomorrow.
In the mean time, check out some great homes by clicking here. Or view streaming digital video of more great homes by clicking here.
If you have any home buying or home selling questions, please don’t hesitate to give me a call or shoot me an e-mail, I’m always happy to help! 262-694-2141, 262-320-SOLD (7653), or my mobile phone: 608-770-4568. Email me at: soconnor@shorewest.com, or visit me on the web at www.peteoconnor.com. Happy shopping!
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Pete O’Connor
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