If you are planning on buying a Spring Texas home in the near future, you can expect to pay more. As mortgage interest rates are on their way back up.
Over the last 14 months or so, the Federal Reserve has been keeping mortgage interest rates down through the purchase of $1.25 trillion in mortgage backed securities and home buyers benefited by locking in ridiculously low interest rates. Some of our Spring Texas home buyers locked in rates as low a 4.5% or 4.75% for a 30 year loan. Now, the party’s over and rates are on their way back up.
How fast will the interest rates for home loans rise? There are numerous predictions floating about with a level of consensus that we should expect rates to be in the mid to upper 5% range by the end of 2010.
What impact will the rise in mortgage interest rates have on the Spring Texas real estate market? Over the next couple of months, the rising interest rates will put additional pressure on Spring Texas home buyers to make buying decisions and our market will experience an increase in home sales. By mid summer, interest rates will have less impact on our real estate market. In order for our real estate market to experience an increase in sales, we need to create jobs. When people have jobs and feel confident they will continue to have jobs is when they feel comfortable in making large financial purchases.
Low interest rates, low home prices, and home buyers tax credits are great incentives for people to buy homes. But to really help the housing market we need more people with jobs.
Jill Wente , of Gary Greene realtors in Spring, Tx is one of the more active and up to date... read moreJill Wente , of Gary Greene realtors in Spring, Tx is one of the more active and up to date realtors in the Houston area. Jill came highly reccommended by close friends who also had a stellar experience in their real estate transactions with her. In my case I had already moved from the area, and needed a competant and decated professional who could keep me advised on a timely basis.
Jill Wente's direction on how to prepare the home to attract buyers is invaluable. The result was 6 offers on the house as a result of the first and only open house needed. All offers were above listed price.
Jill Wente's persona shines when it comes to navigating the myriad of details required in the negotiations with several parties. With the backing of her agency, the legalities of the final transaction were handled professionally and properly.
The important thing here for me was Jill Wente's patience with my busy schedule and her help in completing this transaction even though I was not always readily available. I was also able to complete the closing from my new location without returning to Texas.
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