Not YET Green

As you know, the spring real estate market came early this year.  This is due to the extension of the home buyer credits ($8000 for first-time buyers, $6500 for current home owners through 4/30.*)  The tax credit has motivated many sellers to get off the fence and list their homes, so we are seeing nice, fresh inventory for the first time in some time. 

Friday gave us one more bit of news that if you are interesting in buying NOW is absolutely the time.  Mortgage Daily News on Friday reported that the Federal Open Market Committee from the Federal Reserve Board announced that it will be slowing down the program to buy back mortgage-backed securities through March and will end it by March 30th.  Translation:  The interest rates we’ve seen since summer below 6% could become a thing of the past and start inching back upwards. 

The statement did state that they would reevalute the decision if market conditions warrant.

So if you want bragging rights to tell your grandchildren someday that you bought when mortgage rates where historically low, home prices were very low AND you earned between $6500-8000 just for doing it…then schedule some time before March ends to purchase a home! 

Thanks to Jack Jones at MetLife Home Loans for the tip!

*  Consult a tax professional and read the full details to see if you qualify.