Some Good and Some Bad

This just in today...Existing home sales rose in February by the largest amount in 3 years. This backs what we've been trying to tell people that the market was not flat, especially here in the Defiance area. On the flip side, however, the prices of homes have fallen mostly because of the fallout that is happening in the secondary market mortgages. There are just not as many buyers who can get a loan as there were a year ago because there has been such a crackdown on getting "qualified" to buy a home. So, what does all this mean for us here in Defiance? Well, first it means that if you've been thinking about selling your home, but have been worried that the market was flat, you don't have to worry about that. However, you may not get that high dollar you thought you would get that you would have a year or so ago. If you're in the market to buy a house then it's a good time to start looking because there is downward pressure on house prices, as well as, low interest rates. I was sent the rate sheet from First Federal Bank today and they are offering a 6.0% 30 year Fixed Rate mortgage at 95% Loan to Value which is still a low rate. Those low rates combined with the Welcome Home government grant money for down payment makes buying a home right now a great idea. You can access more information about the February sales facts at MSNBC.com