Has the market hit bottom yet? We would all like the answer to this question. Based on the information from the Bagnell Dam Association our home and condo sales from January through April are almost exactly the same has last year. However, there has been a continued decrease in the average sales price.
The Housing Finance Reform Act of 2011 was introduced in May and seeks to maintain the government's role in mortgages. The plan is to dissolve Freedie Mac and Fannie Mae and introduce at least 5 private firms that would be in charge of funding and scrutinizing conventional mortgages.
If passed, it will make it more expensive for buyers to purchase a home, restricting the availability of mortgages. Higher down payments will be required and the closing fees will increase.
So with all this said, even if we have not hit bottom, with the current low interest rates and low prices this definitely is the time to BUY! Waiting any longer could result in higher interest rates, higher down payment and higher closing costs.
For a free market analysis, please call the Betty Ellerbroek Team.
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