For the first time in all of 2008, the months of inventory dips below 6 months for the Spring TX real estate market. Six months is considered a balanced buyer and seller market.
Up to this point in 2008, the buyers have been in control but the reduced months of inventory indicates a change in power is occurring.
Now homes are not flying off the market as quickly as gingerbread houses during the Holidays. But with fewer active listings on the market and low interest rates enticing home buyers, the gift of a contract may be in some deserving home sellers near future.
Contrary to what the media wants you to believe, home loans are available. Getting a loan will be more of a hassle than in the past because the lender’s underwriters are requiring more documentation. But the good news is that the lenders do have money to lend. Plus interest rates took a significant drop a couple of weeks ago and the interest rates for 30-year loans are currently around 5.25% to 5.5%.
If you need another reason to buy a home now besides low interest rates, then buy before the first-time home buyer tax credit disappears on July 1st, 2009. The tax credit really amounts to a 15 year interest free loan from the government. But a no-interest 15 year loan beats the 1 year no-interest loans offered by the furniture stores.
Give us a call at 281.300.3141 or 281.804.8626, if you are ready to take advantage of the low home mortgage interest rates by purchasing a Spring Texas home.
The data represented is from the Real Estate Center at Texas A&M Univerisity and the Houston Association of Realtors MLS for Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
Rick helped my wife and I buy our home after moving to the Houston area. Rick took time to understand... read moreRick helped my wife and I buy our home after moving to the Houston area. Rick took time to understand the type of home we wanted. The homes he found matched our wishes and after we choose the home we wanted he helped negotiate a great deal. Rick was wonderful helping guide us through the buying process and understanding the Houston area.I would recommend Rick if you buying you new home. read less